Download PDF by Alessandro Citanna, John Donaldson, H. Polemarchakis, Paolo: Essays in Dynamic General Equilibrium Theory: Festschrift

By Alessandro Citanna, John Donaldson, H. Polemarchakis, Paolo Siconolfi, Stephen Spear

ISBN-10: 3540222677

ISBN-13: 9783540222675

Within the sector of dynamic economics, David Cass’s paintings has spawned a couple of vital strains of analysis, together with the research of dynamic normal equilibrium idea, the concept that of sunspot equilibria, and common equilibrium thought whilst markets are incomplete. in accordance with those contributions, this quantity includes new advancements within the box, written through Cass's scholars and co-authors.

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Extra resources for Essays in Dynamic General Equilibrium Theory: Festschrift for David Cass (Studies in Economic Theory)

Example text

Consider the translation correspondence  defined on K by  (y0 > ===> yW ) = {yW +1 ; (y1 > ===> yW > yW +1 ) 5 K} = It has compact convex values. Let the correspondence  : N $ N be defined by  (y0 > ===> yW ) = {(y1 > ===> yW > (y0 > ===> yW ))}, where  is a normalization factor ( is welldefined because (y0 > ===> yW ) 5 N excludes y1 = === = yW = 0, thanks to assumption (11)).  meets the assumptions of the Kakutani theorem and, therefore, admits a fixed point y = y0 = y1 = === = w yW (15) P P By definition of N, the W th term of the formal sequence  ( Dw [ w ) ( yw [ w ) is semipositive: (DW y0 + DW 1 y1 + === + D0 yW ) > 0= (16) < (y0 > ===> yW ) 5 K < A 0 Property (l) results from (15) and (16), therefore the equivalence of (l) and (ll) is proved.

Appendix C. , to solve for all t = 0, . . T : max D (s), ξ(s), w(s); s≥t V (t) subject to ξ(s) = u f ( w(s) = D (s), ε(s)) /y , v ( ¯ − D (s)) , u (f ( D (s), ε(s))) ∀ s = t, . . , T. The pre-committed monopolist-monopsonist (hereafter “monopsonist”) only solves this problem at t = 0, while the time-consistent solves it backwards for t = 0, . . , T . 18) v (t) > 0. 17) suggests that the wage effect acts in the same direction as the price effect, implying that the pre-committed monopsonist will decrease his labor (and output) even more than the monopolist, and in turn the value of the firm will increase more.

To achieve a meaningful representation of involuntary unemployment in a general equilibrium context, in the model presented here we postulate that labor supply is ‘produced’ as an increasing function of several variables rather than a constant endowment of time (24 hours) possessed by each individual from birth. The amount of labor supplied is constrained by the amount of physical energy, health, free time, skills, eort, and education a person possesses, which in turn relate to wages. An implication of this is that in a period of structural change, as labor skills become outdated, involuntary unemployment increases, an observation that has been made by the Federal Reserve Bank of New York in 2003 [18].

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Essays in Dynamic General Equilibrium Theory: Festschrift for David Cass (Studies in Economic Theory) by Alessandro Citanna, John Donaldson, H. Polemarchakis, Paolo Siconolfi, Stephen Spear


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