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Stationary Temporary Equilibrium in a Model of Trade and Optimal Accumulation

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  • DATTA , Manjira

    (CEME, Universite Libre de Bruxelles, CORE, Universite Catholique de Louvain and University of Saskatchewan, Canada)

Abstract

This paper is an attempt to analyze certain intertemporal aspects of the movement of prices in the world market in a general equilibrium framework. A model of a competitive economy consisting of several "small" countries engaged in consumption, production and trade is developed here. The intertemporal allocation decisions are derived from solving dynamic optimization involving a constrained maximization of a discounted sum of one period utilities from consumption over an infinite horizon. Following Hicks, one way to look at the evolution of an economic system is to view it as a succession of temporary or short-run competitive equilibria. The main focus of the paper is in providing the existence of temporary equilibrium. A set of sufficient conditions are provided for the equilibrium to be unique and stationary.

Suggested Citation

  • DATTA , Manjira, 1993. "Stationary Temporary Equilibrium in a Model of Trade and Optimal Accumulation," LIDAM Discussion Papers CORE 1993012, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvco:1993012
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    File URL: https://sites.uclouvain.be/core/publications/coredp/coredp1993.html
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