Journal ArticleDOI
Supply-constrained fixed price equilibria in monetary economies
TLDR
In this article, the authors consider an economy with restrictions on the relative prices of non-money commodities and prove the existence of a supply-constrained equilibrium with no rationing on the money commodities (stores of value).About:
This article is published in Journal of Mathematical Economics.The article was published on 1984-10-01. It has received 21 citations till now. The article focuses on the topics: Relative price & Producer Price Index (India).read more
Citations
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Book ChapterDOI
On the Macroeconomics of Uncertainty and Incomplete Markets
TL;DR: In this article, a full-time academic has led a rather uneventful life. Yet, I have engaged in two venturesome explorations. On my 65th birthday, my wife and I took off in our 42-ft sloop and sailed around the world.
Journal ArticleDOI
Walras—Keynes equilibria coordination and macroeconomics
TL;DR: In this article, the authors show that in decentralised market economies, supply-constrained equilibria may persist as coordination failures, sustained but not caused by price rigidities.
Book
Static and Dynamic Aspects of General Disequilibrium Theory
TL;DR: In this paper, the authors present an economic model for equilibrium adjustment of prices in countries with price rigidities, based on the Connectedness of Constrained Equilibria.
Journal ArticleDOI
Underemployment Equilibria - From Theory To Econometrics and Policy
Journal ArticleDOI
Supply-constrained equilibria in economies with indexed prices
TL;DR: In this article, the existence of a supply-constrained Dreze equilibrium and a monotonicity condition for the unconstrained commodities was proved and it was shown that the system of indexes must be solvable in terms of constrained prices.
References
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Journal ArticleDOI
Neo-Keynesian Disequilibrium Theory in a Monetary Economy
TL;DR: In this article, the authors present concepts and tools permitting study of the functioning and properties of a decentralized monetary economy at disequilibrium prices, in line with the work of Clower [9] and Leijonhufvud [30] [31].
Book ChapterDOI
Existence of an exchange equilibrium under price rigidities
TL;DR: In this article, an equilibrium is obtained by introducing quantity constraints on the net trades of those commodities for which the price constraints are binding, and the set of admissible quantity constraints is defined in a way which avoids trivial equilibria.