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Existence and multiplicity of temporary equilibria under nominal price rigidities

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  • DREZE, Jacques

    ()
    (Université catholique de Louvain, CORE, Belgium)

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    Abstract

    This paper proves existence of a multiplicity of equilibria in a 2-period TGE model with money and nominal rigidities. Households have in- complete preferences and firms reach decisions through the “control principle” (cf. Dr`eze 1989).

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    File URL: http://uclouvain.be/cps/ucl/doc/core/documents/coredp2013_10.pdf
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    Bibliographic Info

    Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 2013010.

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    Date of creation: 26 Apr 2013
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    Handle: RePEc:cor:louvco:2013010

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    Keywords: temporary general equilibrium; incomplete preferences; price rigidities;

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    References

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    1. Dehez, Pierre & Dreze, Jacques H., 1984. "On supply-constrained equilibria," Journal of Economic Theory, Elsevier, vol. 33(1), pages 172-182, June.
    2. Greenberg, Joseph, 1977. "Quasi-equilibrium in abstract economies without ordered preferences," Journal of Mathematical Economics, Elsevier, vol. 4(2), pages 163-165, August.
    3. Grandmont, Jean-Michel, 1977. "Temporary General Equilibrium Theory," Econometrica, Econometric Society, vol. 45(3), pages 535-72, April.
    4. Wayne Shafer & Hugo Sonnenschein, 1974. "Equilibrium in Abstract Economies Without Ordered Preferences," Discussion Papers 94, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    5. DREZE, Jacques H. & LACHIRI, Oussama & MINELLI, Enrico, 2009. "Stock prices, anticipations and investment in general equilibrium," CORE Discussion Papers 2009083, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    6. Duranton, Gilles & Martin, Philippe & Mayer, Thierry & Mayneris, Florian, 2010. "The Economics of Clusters: Lessons from the French Experience," OUP Catalogue, Oxford University Press, number 9780199592203.
    7. Jordan, J S, 1977. "The Continuity of Optimal Dynamic Decision Rules," Econometrica, Econometric Society, vol. 45(6), pages 1365-76, September.
    8. Radner, Roy, 1972. "Existence of Equilibrium of Plans, Prices, and Price Expectations in a Sequence of Markets," Econometrica, Econometric Society, vol. 40(2), pages 289-303, March.
    9. Fleurbaey,Marc & Maniquet,François, 2011. "A Theory of Fairness and Social Welfare," Cambridge Books, Cambridge University Press, number 9780521887427, November.
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