Artikel
The sequential trading approach to disequilibrium dynamics
This paper presents a generalization of Varian's original contribution on disequilibrium models characterized by sequential trading. By building up the model on the differentiation of regimes we make the subject more easily comparable to standard disequilibrium models. Compared to the latter (the simultaneous trading models) one obtains a totally new kind of steady states where both the labour and goods market clear but the usual marginal productivity conditions for Walrasian equilibria are not fullfilled. It is shown that the stability of these non-Walrasian equilibria depends on the adjustment speeds of prices and wages whereas their existence depends on the assumption of a competitive adjustment on both markets.
- Language
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Englisch
- Bibliographic citation
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Journal: Jahrbücher für Nationalökonomie und Statistik ; ISSN: 0021-4027 ; Volume: 209 ; Year: 1992 ; Issue: 1/2 ; Pages: 47-59 ; Stuttgart: Lucius & Lucius
- Classification
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Wirtschaft
- Subject
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Neukeynesianische Makroökonomik
Theorie
- Event
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Geistige Schöpfung
- (who)
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Lux, Thomas
- Event
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Veröffentlichung
- (who)
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Lucius & Lucius
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
- (where)
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Stuttgart
- (when)
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1992
- Handle
- Last update
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10.03.2025, 11:45 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Lux, Thomas
- Lucius & Lucius
- ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft
Time of origin
- 1992
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