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Creator: Kehoe, Timothy Jerome, 1953, Levine, David K., and Romer, Paul Michael, 1955 Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 400 Abstract: We consider a production economy with a finite number of heterogeneous, infinitely lived consumers. We show that, if the economy is smooth enough, equilibria are locally unique for almost all endowments. We do so by converting the infinite dimensional fixed point problem stated in terms of prices and commodities into a finite dimensional Negishi problem involving individual weights in a social value function. By adding a set of artificial fixed factors to utility and production functions, we can write the equilibrium conditions equating spending and income for each consumer entirely in terms of time zero factor endowments and derivatives of the social value function.
关键词: Equilibrium, Consumer, and Dynamic model 学科: C62  Mathematical methods and programming  Existence and stability conditions of equilibrium 
Creator: Gintis, Herbert. Series: Monetary theory and financial intermediation Abstract: This paper develops the KiyotakiWright model of monetary general equilibrium in which trade is bilateral and enforced by requiring that transactions be quid pro quo, and studies which goods are chosen, and under what conditions, as media of exchange. We prove the existence of a rational expectations equilibrium in which agents' expectations concerning trading opportunities are realized in the present and all future periods. We also show that, exceptional cases aside, no rational expectations barter equilibrium exists; that an equilibrium generally supports multiple money goods; and that a fiat money (i.e., a good that is produced, has minimum storage costs, but is not consumed) cannot be traded in rational expectations equilibrium.
学科: C62  Mathematical methods and programming  Existence and stability conditions of equilibrium and D51  General equilibrium and disequilibrium  Exchange and production economies