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Non clearing markets in general equilibrium

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Jean-Pascal Bénassy

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Abstract

In this article we study models with non clearing markets in a full general equilibrium framework. The theories we describe synthesize three major schools of thought: Walrasian, Keynesian and imperfect competition. This synthesis is notably achieved by introducing quantity signals in addition to price signals into the traditional general equilibrium model. This considerably enlarges the scope of traditional general equilibrium, allowing us not only to construct equilibria with various price rigidities, but also to endogenize prices in a decentralized imperfect competition framework.

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Paper provided by PSE (Ecole normale supérieure) in its series PSE Working Papers with number 2006-25.

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Date of creation: 2006
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Handle: RePEc:pse:psecon:2006-25

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  1. Hildenbrand, Kurt & Hildenbrand, Werner, 1978. "On Keynesian equilibria with unemployment and quantity rationing," Journal of Economic Theory, Elsevier, vol. 18(2), pages 255-277, August. [Downloadable!] (restricted)
  2. Dixon, Huw, 1987. "A Simple Model of Imperfect Competition with Walrasian Features," Oxford Economic Papers, Oxford University Press, vol. 39(1), pages 134-60, March. [Downloadable!] (restricted)
  3. Silvestre, Joaquim, 1983. "Fixprice analysis in productive economies," Journal of Economic Theory, Elsevier, vol. 30(2), pages 401-409, August. [Downloadable!] (restricted)
  4. Blanchard, Olivier Jean & Kiyotaki, Nobuhiro, 1987. "Monopolistic Competition and the Effects of Aggregate Demand," American Economic Review, American Economic Association, vol. 77(4), pages 647-66, September. [Downloadable!] (restricted)
  5. Svensson, Lars E O, 1986. "Sticky Goods Prices, Flexible Asset Prices, Monopolistic Competition, and Monetary Policy," Review of Economic Studies, Blackwell Publishing, vol. 53(3), pages 385-405, July. [Downloadable!] (restricted)
  6. Benassy Jean-pascal, 1989. "Microeconomic foundations and properties of a macroeconomic model with imperfect competition," CEPREMAP Working Papers (Couverture Orange) 8927, CEPREMAP.
  7. Benassy, Jean-Pascal, 1977. " On Quantity Signals and the Foundations of Effective Demand Theory," Scandinavian Journal of Economics, Blackwell Publishing, vol. 79(2), pages 147-68.
  8. Benassy, Jean-Pascal, 1975. "Neo-Keynesian Disequilibrium Theory in a Monetary Economy," Review of Economic Studies, Blackwell Publishing, vol. 42(4), pages 503-23, October. [Downloadable!] (restricted)
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  9. Portes, Richard, 1981. "Macroeconomic Equilibrium and Disequilibrium in Centrally Planned Economies," Economic Inquiry, Oxford University Press, vol. 19(4), pages 559-78, October.
  10. Ito, Takatoshi, 1980. "Disequilibrium growth theory," Journal of Economic Theory, Elsevier, vol. 23(3), pages 380-409, December. [Downloadable!] (restricted)
  11. Snower, Dennis J, 1983. "Imperfect Competition, Underemployment and Crowding-Out," Oxford Economic Papers, Oxford University Press, vol. 35(0), pages 245-70, Supplemen. [Downloadable!] (restricted)
  12. Benassy, Jean-Pascal, 1976. "The Disequilibrium Approach to Monopolistic Price Setting and General Monopolistic Equilibrium," Review of Economic Studies, Blackwell Publishing, vol. 43(1), pages 69-81, February. [Downloadable!] (restricted)
  13. Weitzman, Martin L, 1985. "The Simple Macroeconomics of Profit Sharing," American Economic Review, American Economic Association, vol. 75(5), pages 937-53, December. [Downloadable!] (restricted)
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  14. Persson, Torsten & Svensson, Lars E O, 1983. "Is Optimism Good in a Keynesian Economy?," Economica, London School of Economics and Political Science, vol. 50(199), pages 291-300, August. [Downloadable!] (restricted)
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  15. Jacobsen, Hans Jorgen & Schultz, Christian, 1990. " A General Equilibrium Macro Model with Wage Bargaining," Scandinavian Journal of Economics, Blackwell Publishing, vol. 92(3), pages 379-98.
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  16. Benassy, Jean-Pascal, 1987. "Imperfect competition, unemployment and policy," European Economic Review, Elsevier, vol. 31(1-2), pages 417-426. [Downloadable!] (restricted)
  17. Sneessens, Henri R., 1987. "Investment and the inflation-unemployment tradeoff in a macroeconomic rationing model with monopolistic competition," European Economic Review, Elsevier, vol. 31(3), pages 781-808, April. [Downloadable!] (restricted)
  18. Silvestre, Joaquim, 1982. "Fixprice analysis in exchange economies," Journal of Economic Theory, Elsevier, vol. 26(1), pages 28-58, February. [Downloadable!] (restricted)
  19. Silvestre, Joaquim, 1988. "Undominated prices in the three good model," European Economic Review, Elsevier, vol. 32(1), pages 161-178, January. [Downloadable!] (restricted)
  20. Dixit, Avinash, 1978. "The Balance of Trade in a Model of Temporary Equilibrium with Rationing," Review of Economic Studies, Blackwell Publishing, vol. 45(3), pages 393-404, October. [Downloadable!] (restricted)
  21. Benassy, Jean-Pascal, 1984. "A non-Walrasian model of the business cycle," Journal of Economic Behavior & Organization, Elsevier, vol. 5(1), pages 77-89, March. [Downloadable!] (restricted)
  22. Barro, Robert J & Grossman, Herschel I, 1971. "A General Disequilibrium Model of Income and Employment," American Economic Review, American Economic Association, vol. 61(1), pages 82-93, March. [Downloadable!] (restricted)
  23. Benassy Jean-pascal, 1987. "Non-walrasian equilibria money and macroeconomics," CEPREMAP Working Papers (Couverture Orange) 8725, CEPREMAP.
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  24. Schulz, Norbert, 1983. "On the Global Uniqueness of Fix-Price Equilibria," Econometrica, Econometric Society, vol. 51(1), pages 47-68, January. [Downloadable!] (restricted)
  25. Jaskold Gabszewicz, Jean & Vial, Jean-Philippe, 1972. "Oligopoly "A la cournot" in a general equilibrium analysis," Journal of Economic Theory, Elsevier, vol. 4(3), pages 381-400, June. [Downloadable!] (restricted)
  26. Hart, Oliver, 1982. "A Model of Imperfect Competition with Keynesian Features," The Quarterly Journal of Economics, MIT Press, vol. 97(1), pages 109-38, February. [Downloadable!] (restricted)
  27. Picard, Pierre, 1983. "Inflation and growth in a disequilibrium macroeconomic model," Journal of Economic Theory, Elsevier, vol. 30(2), pages 266-295, August. [Downloadable!] (restricted)
  28. Benassy, Jean-Pascal, 1975. "Disequilibrium Exchange in Barter and Monetary Economies," Economic Inquiry, Oxford University Press, vol. 13(2), pages 131-56, June.
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  29. Benassy, Jean-Pascal, 1987. "The Objective Demand Curve in General Equilibrium with Price Makers," Economic Journal, Royal Economic Society, vol. 98(390), pages 37-49, Supplemen. [Downloadable!] (restricted)
  30. Muellbauer, John & Portes, Richard, 1978. "Macroeconomic Models with Quantity Rationing," Economic Journal, Royal Economic Society, vol. 88(352), pages 788-821, December. [Downloadable!] (restricted)
  31. Neary, J Peter, 1980. "Nontraded Goods and the Balance of Trade in a Neo-Keynesian Temporary Equilibrium," The Quarterly Journal of Economics, MIT Press, vol. 95(3), pages 403-29, November. [Downloadable!] (restricted)
  32. Dreze, Jacques H, 1975. "Existence of an Exchange Equilibrium under Price Rigidities," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 16(2), pages 301-20, June. [Downloadable!] (restricted)
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