2 edition of two-country temporary equilibrium model with quantity rationing found in the catalog.
two-country temporary equilibrium model with quantity rationing
Ulrich K. Schittko
Published
1981
by Institut für Statistik und Mathematische Wirtschaftstheorie der Universität Augsburg in [Augsburg]
.
Written in English
Edition Notes
| Statement | by Ulrich K. Schittko and B. Eckwert. |
| Series | Arbeitspapiere zur mathematischen Wirtschaftsforschung ; Heft 50 |
| Classifications | |
|---|---|
| LC Classifications | MLCM 82/2142 |
| The Physical Object | |
| Pagination | 106 leaves ; 30 cm. |
| Number of Pages | 106 |
| ID Numbers | |
| Open Library | OL3113449M |
| LC Control Number | 82221975 |
Quantity rationing of credit, when firms are denied loans, has greater potential to explain macroeconomic fluctuations than borrowing costs. This paper develops a DSGE model with both types of. (Scott, ). Soon authors made a distinction between temporary credit rationing, in which market interest rates are slow to adjust to exogenous shocks such as changes in the lender’s cost of funds or borrower demand, and ‘equilibrium’ credit rationing, which .
Get this from a library! Dynamic aspects in a temporary equilibrium model of international trade with quantity rationing. [Ulrich K Schittko]. Dixit, A. The balance of trade in a model of temporary equilibrium with rationing. Review of Economic Studies – CrossRef Google and W. Hildenbrand. On Keynesian equilibria with unemployment and quantity rationing. Journal of Economic Theory – Search within book. Type for suggestions. Table of.
This volume is the result of a conference held at the Institute for Advanced Studies, Vienna. There is still a gap reflected both in fundamental meth odological differences and in the style of analysis between the Walrasian (and Edgeworthian) tradition of general equilibrium theory and the theo retical and policy problems raised in the framework of Keynesian and post-Keynesian s: 1. c. the quantity supplied is less than the quantity demanded. d. the quantity supplied is greater than the quantity demanded. ____ 4. The federal minimum wage law demonstrates a. market equilibrium. b. a societal choice for economic equity over efficiency. c. the function of equilibrium price in a competitive.
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Abstract In this paper we formulate a dynamic two-country temporary equilibrium model with quantity rationing, which is based on our earlier works [14,15]. The dynamics result from changes of the money stocks implied by balanceof-payments disequilibria in a fixed exchange rate : Ulrich K.
Schittko, Bernhard Eckwert. Abstract. A two-country temporary equilibrium model with quantity rationing / Ulrich K. Schittko ; Bernhard Eckwert. - Augsburg, - : Ulrich K. (Prof.) Schittko. The four prices pp2, w and po are assumed to be fixed; the equilibrium is a short-term one achieved by quantity rationing.
On the other hand, it is assumed (as it was assumed by Hool [10]) that the price q of the securities can vary on a market of the open-market type to Cited by: 5.
Cuddington, John T.,Import substitution policies: a two-sector, fix-price model, Review of Economic StudDixit, Avinash K.,The balance of trade in a model of temporary equilibrium with rationing, Review of Economic StudCited by: 2.
This book has been cited by the following publications. The balance of trade in a model with temporary equilibrium with rationing. Review of Economic Studies – Dixit, Equilibrium with quantity rationing and recontracting. Journal of Economic Theory 19 (1): 84 –Cited by: in time.
This solution is called temporary equilibrium. Section 5 adds a rudimentary analysis of the dynamic adjustment process towards Walrasian equilibrium. The temporary equilibrium of the economy is defined such that each market is in one of two types of partial equilibria.
a) A fixed price equilibrium with quantity rationing. According to. Drkze, J., "Existence of an Equilibrium under Price Rigidities and Quantity Rationing," International Economic Review, XVI (), Rational rationing and increasing returns an example Article.
A thorough investigation of the logic of temporary equilibrium models with quantity rationing is also offered. (This abstract was borrowed from another version of this item.) Advanced search Economic literature: papers, articles, software, chapters, books. Schittko, U. and Eckwert, B. `Dynamic aspects in a temporary equilibrium model of international trade with quantity rationing', European Journal of Political Economy, 1, Solow, R.
`A contribution to the theory of economic growth', Quarterly Journal of Economics, 70, In the Solow growth model, countries with identical total factor productivities, identical labor force growth rates, and identical savings rates A) always have identical levels of capital per worker and output per worker.
B) in equilibrium, have identical levels of capital per worker and output per worker. The systematic study of temporary equilibrium models with quantity rationing undertaken in the seventies produced deep insights on this issue, and unveiled the hidden but central role played by quantity signals, as perceived by the traders in addition to the price system, to achieve an equilibrium in such models.
Neo-Keynesian disequilibrium theory in a monetary economy / J.P. Benassy --Equilibrium with quantity rationing and recontracting / J.M. Grandmont, G. Laroque, and Y.
Younès --On non-Walrasian equilibria / F. Hahn --A note on conjectural equilibria / D. Gale --A model of imperfect competition with Keynesian features / O. Hart. The chapter studies the temporary equilibrium with the quantity rationing method and to the possible contributions of this approach to the theory of employment and inflation.
The basic axiom of this approach is that in the short run, quantities adjust infinitely faster than prices. A thorough investigation of the logic of temporary equilibrium models with quantity rationing is also offered, as well as a quick review of the study of stochastic processes of temporary.
The paper considers a dynamic macroeconomic model with stochastic quantity rationing. The economy is composed of overlapping-generations consumers, producers and a government who interact in a labor and a consumption goods market.
Agents behave optimizing and trade in each period, even when prices are not at their Walrasian level. Fixed-Price Equilibria in a Two-Country Model", Macroeconomic Models with Quantity Rationing", Nontraded Goods and the Balance of Trade in a Neo-Keynesian Temporary Equilibrium", ().
On Macroeconomic Equilibrium with Stochastic Rationing", (). On the Dynamics of Disequilibrium in a Macro Model with Flexible. Dynamic Aspects in Temporary Equilibrium The dynamics of the economy Since the labour market is in a temporary equilibrium with quantity rationing at every point of time and since on the goods market 7rHB = p[y-x--g] holds because of our small-country as- sumption, it remains to verify that the money market is in equi- librium during.
Book Description This title, first published inconsiders a temporary monetary equilibrium theory under certainty in a differentiable framework.
Using the techniques of differential topology the author investigates the structure of the set of temporary monetary equilibria.
It rests on a simple intertemporal general equilibrium model of two countries that includes a specific micro theory of money. Dixit, Avinash K: The balance of trade in a model of temporary equilibrium with rationing. Review of Economic Stud –, Interest rates and currency prices in a two-country world.
University of. equilibrium,namelya temporary equilibrium with quantity rationing. With market imbalances agents receive quantity signals and reformulate their demands and supplies which have been termed effective demands.
In fact two different concepts of effective demand exists in the literature, and. The Review of Economic Studies, Ltd. On Temporary Keynesian Equilibria Author(s): Jean-Michel Grandmont and Guy Laroque Source: The Review of Economic Studies, Vol.
43, No. 1 .Abstract. Neo-Keynesian quantity-constrained models 1 show the implications for output and employment of trading at non-market-clearing prices. They share with the post-Keynesian approach the rejection of Walrasian equilibrium, though unlike the latter they do not reject the other features of neoclassical methodology.A common practice in OLG models is to search for an equilibrium guess function b ′ = g ^ (b), and then iterate over the temporary equilibrium conditions.
We applied this procedure to our model. Depending on the initial guess, we find that either the upper or the lower arm of .
