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Existence and multiplicity of temporary equilibria under nominal price rigidities

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  • DREZE, Jacques

    () (Université catholique de Louvain, CORE, Belgium)

Abstract

This paper proves existence of a multiplicity of equilibria in a 2-period TGE model with money and nominal rigidities. Households have in- complete preferences and firms reach decisions through the “control principle” (cf. Dr`eze 1989).

Suggested Citation

  • DREZE, Jacques, 2013. "Existence and multiplicity of temporary equilibria under nominal price rigidities," CORE Discussion Papers 2013010, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  • Handle: RePEc:cor:louvco:2013010
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    File URL: http://uclouvain.be/cps/ucl/doc/core/documents/coredp2013_10.pdf
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    References listed on IDEAS

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    1. Fleurbaey,Marc & Maniquet,François, 2011. "A Theory of Fairness and Social Welfare," Cambridge Books, Cambridge University Press, number 9780521715348, May.
    2. Yves Balasko & Mich Tvede, 2010. "General equilibrium without utility functions: how far to go?," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 45(1), pages 201-225, October.
    3. Shafer, Wayne & Sonnenschein, Hugo, 1975. "Equilibrium in abstract economies without ordered preferences," Journal of Mathematical Economics, Elsevier, vol. 2(3), pages 345-348, December.
    4. DREZE, Jacques H. & LACHIRI, Oussama & MINELLI, Enrico, 2009. "Stock prices, anticipations and investment in general equilibrium," CORE Discussion Papers 2009083, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    5. Grandmont, Jean-Michel, 1993. "Temporary general equilibrium theory," Handbook of Mathematical Economics,in: K. J. Arrow & M.D. Intriligator (ed.), Handbook of Mathematical Economics, edition 4, volume 2, chapter 19, pages 879-922 Elsevier.
    6. Radner, Roy, 1972. "Existence of Equilibrium of Plans, Prices, and Price Expectations in a Sequence of Markets," Econometrica, Econometric Society, vol. 40(2), pages 289-303, March.
    7. Dehez, Pierre & Dreze, Jacques H., 1984. "On supply-constrained equilibria," Journal of Economic Theory, Elsevier, vol. 33(1), pages 172-182, June.
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    12. Jordan, J S, 1977. "The Continuity of Optimal Dynamic Decision Rules," Econometrica, Econometric Society, vol. 45(6), pages 1365-1376, September.
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    More about this item

    Keywords

    temporary general equilibrium; incomplete preferences; price rigidities;

    JEL classification:

    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets

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