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Stationary Temporary Equilibrium in a General Model of Optimal Accumulation and Trade

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Manjira Datta () (Arizona State University)

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Abstract

This paper analyzes the movement of market-clearing prices in an intertemporal general equilibrium framework and, in particular, proves the existence of a stationary temporary equilibrium. A model of a competitive economy is developed which consists of several "small" countries engaged in consumption, production and trade. Following Hicks, one way to look at the evolution of an economic system is to view it as a succession of temporary competitive equilibria. The aspect of stationarity is interesting because if the sequence of temporary equilibria converges to a steady-state, it must converge to a stationary temporary equilibrium. A linear-logarithmic economy exhibits convergence.

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Paper provided by Arizona State University, Department of Economics in its series Working Papers with number 97/8.

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Handle: RePEc:wop:astewp:9708

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Find related papers by JEL classification:
D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets
D90 - Microeconomics - - Intertemporal Choice and Growth - - - General
F10 - International Economics - - Trade - - - General

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  1. Gerard Debreu, 1956. "Market Equilibrium," Cowles Foundation Discussion Papers 10, Cowles Foundation, Yale University. [Downloadable!]
  2. Hildenbrand, W & Mertens, J F, 1972. "Upper Hemi-Continuity of the Equilibrium-Set Correspondence for Pure Exchange Economies," Econometrica, Econometric Society, vol. 40(1), pages 99-108, January. [Downloadable!] (restricted)
  3. Dutta, Prajit K. & Mitra, Tapan, 1989. "Maximum theorems for convex structures with an application to the theory of optimal intertemporal allocation," Journal of Mathematical Economics, Elsevier, vol. 18(1), pages 77-86, February. [Downloadable!] (restricted)
  4. Grandmont, Jean-Michel & Younes, Yves, 1972. "On the Role of Money and the Existence of a Monetary Equilibrium," Review of Economic Studies, Blackwell Publishing, vol. 39(3), pages 355-72, July. [Downloadable!] (restricted)
  5. DATTAÊ, Manjira, 1994. "Externalities and Price Dynamics," CORE Discussion Papers 1994006, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  6. Wan, Henry Jr. & Majumdar, Mukul, 1980. "Trade under temporary equilibrium: Evolution in a loglinear world," Journal of International Economics, Elsevier, vol. 10(1), pages 37-62, February. [Downloadable!] (restricted)
  7. Manjira Datta, . "Externalities and Price Dynamics," Working Papers 9710, Arizona State University, Department of Economics. [Downloadable!]
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