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Determinacy of equilibria in dynamic models with finitely many consumers Author info | Abstract | Publisher info | Download info | Related research | Statistics Timothy J. Kehoe
David K. Levine
Paul M. Romer
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We consider a production economy with a finite number of heterogeneous, infinitely lived consumers. We show that, if the economy is smooth enough, equilibria are locally unique for almost all endowments. We do so by converting the infinite-dimensional fixed point problem stated in terms of prices and commodities into a finite-dimensional Negishi problem involving individual weights in a social value function. By adding artificial fixed factors to utility and production functions, we can write the equilibrium conditions equating spending and income for each consumer entirely in terms of time-zero factor endowments and derivatives of the social value function.
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Paper provided by Federal Reserve Bank of Minneapolis in its series Staff Report with number
118.
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Date of creation: 1989Date of revision:
Handle: RePEc:fip:fedmsr:118Contact details of provider: Postal: 90 Hennepin Avenue, P.O. Box 291, Minneapolis, MN 55480-0291 Phone: (612) 204-5000 Web page: http://minneapolisfed.org/ More information through EDIRC
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Keywords: Consumption (Economics) Production (Economic theory) Other versions of this item:
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Manjira Datta & Leonard J. Mirman & Kevin L. Reffett, 1999.
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"The role of the wealth distribution on output volatility ,"
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"Wealth inequality and dynamic stability ,"
Diskussionsschriften
dp0310, Universitaet Bern, Departement Volkswirtschaft.
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Other versions: Timothy J. Kehoe & David K. Levine & Andreu Mas-Colell & William Zame, 1989.
"Determinacy of Equilibrium in Large Square Economies ,"
Levine's Working Paper Archive
46, UCLA Department of Economics.
[Downloadable!]
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