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Recursive Competitive Equilibrium

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  • Rajnish Mehra

Abstract

In this article we define a Recursive Competitive Equilibrium, provide an example and review the related literature. The article is an entry prepared for The New Palgrave: A Dictionary of Economics, 2nd Edition (Palgrave Macmillan: New York).

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 12433.

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Date of creation: Aug 2006
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Publication status: published as Mehra, Rajnish and E.C.Prescott. “Recursive Competitive Equilibrium: The Case of Homogeneous Households." Econometrica 48 (September 1980): 1365-1379.
Handle: RePEc:nbr:nberwo:12433

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  1. Danthine, Jean-Pierre & Donaldson, John B., 1990. "Efficiency wages and the business cycle puzzle," European Economic Review, Elsevier, Elsevier, vol. 34(7), pages 1275-1301, November.
  2. Mehra, Rajnish & Prescott, Edward C., 1985. "The equity premium: A puzzle," Journal of Monetary Economics, Elsevier, Elsevier, vol. 15(2), pages 145-161, March.
  3. Lucas, Robert E, Jr & Stokey, Nancy L, 1987. "Money and Interest in a Cash-in-Advance Economy," Econometrica, Econometric Society, Econometric Society, vol. 55(3), pages 491-513, May.
  4. Brock, William A. & Mirman, Leonard J., 1972. "Optimal economic growth and uncertainty: The discounted case," Journal of Economic Theory, Elsevier, Elsevier, vol. 4(3), pages 479-513, June.
  5. Donaldson, John B. & Mehra, Rajnish, 1983. "Stochastic growth with correlated production shocks," Journal of Economic Theory, Elsevier, Elsevier, vol. 29(2), pages 282-312, April.
  6. Bizer, David S & Judd, Kenneth L, 1989. "Taxation and Uncertainty," American Economic Review, American Economic Association, American Economic Association, vol. 79(2), pages 331-36, May.
  7. Prescott, Edward C & Mehra, Rajnish, 1980. "Recursive Competitive Equilibrium: The Case of Homogeneous Households," Econometrica, Econometric Society, Econometric Society, vol. 48(6), pages 1365-79, September.
  8. Bewley, Truman F., 1972. "Existence of equilibria in economies with infinitely many commodities," Journal of Economic Theory, Elsevier, Elsevier, vol. 4(3), pages 514-540, June.
  9. Mehra, Rajnish, 1988. "On the Existence and Representation of Equilibrium in an Economy with Growth and Nonstationary Consumption," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 29(1), pages 131-35, February.
  10. Prescott, Edward C & Lucas, Robert E, Jr, 1972. "A Note on Price Systems in Infinite Dimensional Space," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 13(2), pages 416-22, June.
  11. Wilbur John Coleman II, 1989. "Equilibrium in a production economy with an income tax," International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) 366, Board of Governors of the Federal Reserve System (U.S.).
  12. Lars Ljungqvist & Thomas J. Sargent, 2004. "Recursive Macroeconomic Theory, 2nd Edition," MIT Press Books, The MIT Press, edition 2, volume 1, number 026212274x, December.
  13. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, Econometric Society, vol. 50(6), pages 1345-70, November.
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Cited by:
  1. Fafchamps, Marcel, 2002. "Inequality and Risk," Working Paper Series, World Institute for Development Economic Research (UNU-WIDER) UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
  2. Manuel Santos, . "On Non-Existence of Markov Equilibria in Competitive-Market Economies," Working Papers, Department of Economics, W. P. Carey School of Business, Arizona State University 2133305, Department of Economics, W. P. Carey School of Business, Arizona State University.
  3. Francesco Busato & Bruno Chiarini, 2012. "Steady state Laffer curve with the underground economy," Working Papers, Department of the Treasury, Ministry of the Economy and of Finance 8, Department of the Treasury, Ministry of the Economy and of Finance.
  4. Francesco Busato & Bruno Chiarini & Elisabetta Marzano, 2008. "Consumption and income smoothing," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 40(17), pages 2191-2207.
  5. Olson, Lars J. & Roy, Santanu, 2005. "Theory of Stochastic Optimal Economic Growth," Working Papers, University of Maryland, Department of Agricultural and Resource Economics 28601, University of Maryland, Department of Agricultural and Resource Economics.
  6. Robert B. Barsky, 1986. "Why Don't the Prices of Stocks and Bonds Move Together?," NBER Working Papers 2047, National Bureau of Economic Research, Inc.
  7. Boyan Jovanovic, 2006. "Investment Options and the Business Cycle," 2006 Meeting Papers, Society for Economic Dynamics 66, Society for Economic Dynamics.
  8. Larry E. Jones & Rodolfo Manuelli, 1990. "A Convex Model of Equilibrium Growth," NBER Working Papers 3241, National Bureau of Economic Research, Inc.
  9. Tom Krebs, 2002. "Recursive Equilibrium in Endigenous Growth Models with Incomplete Markets," Working Papers 2002-30, Brown University, Department of Economics.
  10. Guidolin, Massimo & Timmermann, Allan, 2007. "Properties of equilibrium asset prices under alternative learning schemes," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 31(1), pages 161-217, January.
  11. S. Boragan Aruoba, 2004. "Data Uncertainty in General Equilibrium," Computing in Economics and Finance 2004, Society for Computational Economics 131, Society for Computational Economics.
  12. Busato; Francesco & Bruno Chiarini & Vincenzo di Maro, 2005. "Directional Congestion and Regime Switching in a Long Memory Model for Electricity Prices," Economics Working Papers, School of Economics and Management, University of Aarhus 2005-19, School of Economics and Management, University of Aarhus.
  13. Francesco Busato, 2004. "Relative Demand Shocks," Economics Working Papers, School of Economics and Management, University of Aarhus 2004-11, School of Economics and Management, University of Aarhus.
  14. Kenneth L. Judd, 1991. "Minimum weighted residual methods for solving aggregate growth models," Discussion Paper / Institute for Empirical Macroeconomics, Federal Reserve Bank of Minneapolis 49, Federal Reserve Bank of Minneapolis.
  15. Andreas Bossard, 1989. "Das konsumgestützte Kapitalmarktmodell: Empirische Ergebnisse für die Schweiz," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), Swiss Society of Economics and Statistics (SSES), vol. 125(II), pages 135-156, June.

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