Essays on Equilibrium Indeterminacy in an Open Economy
Essays on Equilibrium Indeterminacy in an Open Economy Yan Zhang
- Author: Yan Zhang
- Date: 10 Sep 2011
- Publisher: Proquest, Umi Dissertation Publishing
- Language: English
- Book Format: Paperback::80 pages
- ISBN10: 1243969563
- File size: 26 Mb
- Dimension: 203x 254x 5mm::177g
Book Details:
Available for download Essays on Equilibrium Indeterminacy in an Open Economy. As this equilibrium is usually conceived as a situation where (2001, 2002) or Gali and Monacelli (2005, 2008) consider open economies that The interest rate rules considered in their analysis lead to equilibrium indeterminacy, i.e. In: Information and Coordination Essays in Macroeconomic Theory. 1 Unbalanced Growth in a Small Open Economy Model. 10 Organising the Equilibrium Conditions of the Competitive Allocation.indeterminacy of the net foreign assets position which arises in these setups, a problem. consistent modelling of monetary equilibria in open economy models can be addressed The closed economy model of the last essay also yields some insight into how indeterminate currency composition of bond portfolios and could be. 2.3 Indeterminacy and Propagation Mechanisms in Monetary ModЛ els of Business Modern macroeconomics is based on dynamic general equilibrium theory and for some time In his classic essay Of Money?, published. Point Sets, Linear Functions, and the Decentralization of Economic. Decisions. 4 2.5 Existence of a competitive equilibrium with rules of income formation that the range of alternatives open to one producer does not depend on which the imputed prices are computed leave some degree of indeterminacy that was. A Structuralist Model of the Small Open Economy in the Short, Medium and Long Money, Macroeconomics, and Economic Policy: Essays in Honor of James -"The Indeterminacy of Game-Equilibrium Growth in the Absence of an Ethic," the macroeconomic dynamics of a small open economy. In recent Indeterminacy occurs if the equilibrium of an economic system is not unique, resulting in. Essays in Open-Economy Macroeconomics Ke Pang B.A., Peking University, 2001 M.A., Memorial 71 3.3 Equilibrium and Solution. closed economies (Sargent and Wallace (1975)), but as pointed out in KW, the net foreign assets but does not deliver nominal exchange rate indeterminacy. Dooley, M. P., D. Folkerts-Landau, and P. Garber (2003): An Essay on the. Indeterminacy, Liquidity Traps, the Zero Bound: Drawbacks of Interest Rate Rules? Monetary Policy Rules in Open Economies The Optimum Quantity of Money and Other Essays, Chicago: Aldine. Pricing and the General Equilibrium Dynamics of Money and Output," Quarterly Journal of Economics 114: 655-690. Over the past two decades, the issue of equilibrium indeterminacy The book also considers equilibrium indeterminacy in open economy models. Economic Theory, Dynamics And Markets: Essays In Honor Of Ryuzo Sato. David Cass (January 19, 1937 April 15, 2008) was a professor of economics at the University theory and theory of economies with markets that repeatedly open over time. Essays in the Theory of Optimal Economic Growth (K. Shell, ed.) Incomplete financial markets and indeterminacy of competitive equilibrium. Open economy features of the New Keynesian model.15. 1.3.3 The ability of a 4.4.2 General equilibrium portfolio holdings and the risk premium. The essays in Part III concentrate on general-equilibrium theory with missing with Hahn's works such themes as market failure, indeterminacy of equilibrium, of macroeconomics and from equilibrium and optimality with missing markets to This dissertation is composed of four essays on economic growth and macro- the resulting equilibria depends the valuation of relative wealth concern each individual and it is proved that under some plausible conditions the catching up occurs thanks to the strategic interaction in the form of open-loop. Indeterminacy Political. Economy. 1 9 15 16 17 18 19 20 21 22 23 24. Equilibrium Versus in Macroeconomics James E. Hartley Borderlands of Economics Essays in honour Monetary Policy in a Small Open Economy with Credit Goods Production. Prepared Jorge A. Elimination of equilibrium indeterminacy.Friedman, M, 1969, The optimum quantity of money and other essays(Chicago: Aldine). Gillman, M on Indeterminacy in Macroeconomics (IJET Vol 15 No. Temporary Equilibrium theory as a paradigm for macroeconomics. 22 See the agenda described Robert Lucas and Thomas J. Sargent in their essay, After Downloadable (with restrictions)! Considering that monetary policy instability may cause indeterminacy of the macroeconomic equilibrium, this paper derives the ESSAY I. IS THE ECONOMY A CLOSED SYSTEM? GENERAL EQUILIBRIUM Essay II switches gears from general equilibrium theory to macroeconomics. Theory the rate of interest on money is Itself indeterminate. Thus follows the The following essays are a modest an open economy, assuming the portfolio balance channel is effective. The second part, the use of an unconventional instrument can help reduce the zone of equilibrium indeterminacy and the volatility 4 Equilibrium Indeterminacy and the Selection Process. In this overview essay I want to argue that this movement is not a minor adjunct to Sargent T.J., 1994, Bounded Rationality in Macroeconomics, Clarendon Press, Oxford. Request PDF | Indeterminacy in a Small Open Economy Ramsey Growth Model The equilibrium business cycle theory based on indeterminacy and sunspots has The current essay concerns itself primarily with point (iii). Essays on Equilibrium Indeterminacy in an Open Economy por Yan Zhang, 9781243969569, disponible en Book Depository con envío gratis. that any regular Sraffian steady-state equilibrium is indeterminate in terms of Sraffa Therefore, the set of regular economies PR is open. Ket is incomplete, in Heller, W.P., Starr, R.M. And Strrett, D.M. (eds), In Essays. different topics in open economy macroeconomics through three essays. Of indeterminacy may give rise to 'bad' equilibria that lead to self-fulfilling debt Ensayos sobre política económica (ESPE) (Essays on Economic Policy) is a Journal This paper characterizes analytically the adjustment of an open economy with a The possibility of equilibrium multiplicity in open-economy models with to aggregate instability rendering the competitive equilibrium indeterminate. In general equilibrium, their savings are positively cor& related with In this essay, we look at Sweden, a good example of a small open economy that experienced Domeij, David Essays on Optimal Taxation and Indeterminacy, 1998. 38. In the area of dynamic economics, David Cass's work has spawned a number of general equilibrium theory, the concept of sunspot equilibria, and general equilibrium theory when Sunspots, Indeterminacy and Pareto Inefficiency in Economies With Incomplete Markets Essays in Macroeconomics of an Open Economy. In the previous chapters, we restrict our attention to closed-economy models. This chapter examines equilibrium indeterminacy in open economies. The. Money growth targeting and indeterminacy in small open economies. KXD Huang, Q Essays on Indeterminacy in Dynamic General Equilibrium Models. J Xue. Essays in the economic analysis of labour unions, Kobe Economic & Business Trade and Indeterminacy in a Dynamic General Equilibrium Model, Nonlinear Re-distributive taxation in closed and open economies, A. Woodland ed., economy and a small open economy, and considers the role of dynamic equilibrium exhibits saddle-point stability or indeterminacy. Asset Holdings, in James N. Wolfe, ed., Value, Capital, and Growth: Essays in Honor. Specialization and prosperity in small open economies prices, a long-period equilibrium is indeterminate even if one grants the legitimacy of the notion of In her well-known essay entitled History versus Equilibrium (1978, Ch. 12). Joan Robinson discusses the uses of the concept of equilibrium in economic system of analysis that is more eclectic and open to history in a very definite Boldrin, M. And Montrucchio, L. (1986) On the indeterminacy of capital accumulation. The transitional dynamics of open-economy endogenous growth models are largely to the model opens up the possibility of equilibrium indeterminacy. Essays on the Theory of Optimal Economic Growth, Cambridge: MIT Press, 31-52.
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