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General Equilibrium and Recession Phenomenon

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  • Nicholas S. Gonchar
  • Wolodymyr H. Kozyrski
  • Anatol S. Zhokhin

Abstract

The theorems we proved describe the structure of economic equilibrium in the exchange economy model. We have studied the structure of property vectors under given structure of demand vectors at which given price vector is equilibrium one. On this ground, we describe the general structure of the equilibrium state and give characteristic of equilibrium state describing economic recession. The theory developed is applied to explain the state of the economy in some European countries.

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  • Nicholas S. Gonchar & Wolodymyr H. Kozyrski & Anatol S. Zhokhin, 2016. "General Equilibrium and Recession Phenomenon," Papers 1601.04949, arXiv.org.
    • Handle: RePEc:arx:papers:1601.04949
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    References listed on IDEAS

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    1. Willi Semmler, 2011. "Asset Prices, Booms and Recessions," Springer Books, Springer, number 978-3-642-20680-1, February.
    2. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-1370, November.
    3. Arthur F. Burns & Wesley C. Mitchell, 1946. "Measuring Business Cycles," NBER Books, National Bureau of Economic Research, Inc, number burn46-1.
    4. Lawrence H. Summers, 1986. "Some skeptical observations on real business cycle theory," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 10(Fall), pages 23-27.
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