Arbeitspapier
Existence and Uniqueness of Equilibrium in Nonoptimal Unbounded Infinite Horizon Economies
In applied work in macroeconomics and finance, nonoptimal infinite horizon economies are often studied in which the state-space is unbounded. Important examples of such economies are single-sector growth models with production externalities, valued fiat money, monopolistic competition, and/or distortionary government taxation. Although sufficient conditions for existence and uniqueness of Markovian equilibrium are weIl known for the compact state space case, no similar sufficient conditions exist for unbounded growth. This paper provides such a set of sufficient conditions, and presents a computational algorithm that will prove asymptotically consistent when computing Markovian equilibrium.
- Sprache
-
Englisch
- Erschienen in
-
Series: Tinbergen Institute Discussion Paper ; No. 02-085/2
- Klassifikation
-
Wirtschaft
Existence and Stability Conditions of Equilibrium
Computable and Other Applied General Equilibrium Models
Externalities
- Thema
-
Equilibrium
Dynamic Models
Unbounded
Nonoptimal
Dynamisches Modell
Gleichgewicht
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Morand, Olivier F.
Reffett, Kevin L.
- Ereignis
-
Veröffentlichung
- (wer)
-
Tinbergen Institute
- (wo)
-
Amsterdam and Rotterdam
- (wann)
-
2002
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Morand, Olivier F.
- Reffett, Kevin L.
- Tinbergen Institute
Entstanden
- 2002
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