General Equilibrium, Growth, and Trade II

Preface

Part I General Equilibrium

Lionel Mckenzie on the Existence of Competitive Equilibrium


1. Introduction


2. Existence in Graham's Model: 1954


3. Existence with Externalities: A Year Later


4. Interiority, Irreducibility, and Irreversibility: Four Years Later


5. Classical Theorem in Its Fully Developed Form: 22 Years Later


6. An Overview

References

Mckenzie and the Slutsky Coefficients

References

Real Indeterminacy from Imperfect Financial Markets: Two Addenda


1. Introduction


2. The Setting


3. Outside Money


4. Small Imperfections

References

Irreducibility, Resource Relatedness, and Survival in Equilibrium with Individual Nonconvexities


1. Introduction


2. Preliminaries


3. Cheaper Points for Individuals


4. Nonoligarchic Allocations


5. Interdependent Agents and Irreducible Economies


6. Continuum Economies


7. Proofs of Propositions


8. Concluding Remarks

References

Incomplete Financial Markets with an Infinite Horizon


1. Introduction


2. Definitions


3. Bankruptcy Condition and Continuity of the Budget Set


4. Price Space


5. Indeterminacy


6. Conclusions

References

Commodity Pair Desirability and the Core Equivalence Theorem


1. Introduction


2. Preliminaries


3. The Model and a Preliminary Theorem


4. Extremely Desirable Commodities and Commodity Pair Desirability


5. Core-Walras Equivalence in Banach Lattices Whose Positive Core Has an Empty Interior


6. Concluding Remarks

References

Lump-Sum Taxation: The Static Economy


1. Introduction


2. Preliminaries


3. Bonafide Fiscal Policies


4. The Set of Equilibrium Money Prices


5. Extensions

References

Equilibrium, Stability, and Price Adjustments in Competitive Markets


1. Introduction


2. Examples of Competitive Economies


3. Price Choices with an Optimizing Price Maker


4. Scarfs Economy: Single-Period Horizon


5. Scarfs Economy: Multiperiod Horizon


6. Gale's Economy


7. Concluding Comments

References

Asymptotic Behavior of Asset Markets: Asymptotic Inefficiency


1. Introduction


2. The Model


3. Existence of Securities Market Equilibrium


4. Asymptotics


5. Genericity


6. Unconstrained Consumption


7. Concluding Remarks

References

Part II Growth

Endogenous Fertility and Growth


1. Introduction


2. The Model and Assumptions


3. Characterization of Fertility Rate Changes


4. The Model with Schooling

References

A Vintage Capital Model of Investment and Growth: Theory and Evidence


1. Introduction


2. The Model: Description and General Properties


3. Some Technical Results


4. Nonmonotonicity Properties of the Optimal Path


5. The Steady State


6. The Policy Function


7. The Stochastic Model


8. Empirical Results

Appendix

References

Thoughts of Volatility Tests of the Intemporal Asset Pricing Model


1. Introduction


2. Definition of Market Efficiency


3. A Quick Review of Tests of Market Efficiency


4. The Model


5. Asset Prices with Insurance


6. Asset Prices without Insurance


7. A Possible Explanation of Volatility

References

Stationary Markovian Strategies in Dynamic Games


1. Introduction


2. A Dynamic Game Model of Resource Exploitation


3. Cyert-deGroot-Maskin-Tirole Duopoly Games


4. Reaction Function Equilibria


5. Concluding Remarks

Appendix

References

Turnpike Properties and Comparative Dynamics of General Capital Accumulation Games


1. Introduction


2. Formulation and Notation


3. Existence and Stability Properties


4. Comparative Statics and Dynamics


5. Conclusions

Appendix

References

Experimental Consumption for a General Class of Disturbance Densities


1. Introduction


2. The Model


3. Main Results


4. An Extension


5. Examples

References

The Firm and the Plant in General Equilibrium Theory


1. Introduction


2. The Firm in General Equilibrium Theory


3. The Plant in General Equilibrium Theory


4. Existence of Competitive Equilibrium

References

A Note on Boundary Optimal Paths


1. Motivation


2. Our Basic Model


3. Key Assumptions and Their Implications


4. Additional Results


5. Conclusion

References

Part III International Trade

The Stolper-Samuelson Theorem: Links to Dominant Diagonals


1. The Strong Factor-Intensity Condition


2. A Dominant Diagonal Matrix


3. The Willoughby Theorem


4. The Produced Mobile Factor (PMF) Structure


5. Concluding Remarks

References

Labor Mobility and Wage Rate Equalization


1. Introduction


2. One Immobile Factor


3. Two Immobile Factors


4. Conclusions

References

Borrowing Constraints and International Comovements


1. Introduction


2. The Model


3. The Stationary Distribution of Asset Holding


4. Simulations of the Model


5. Conclusion

Appendix

References

Multinational Corporations and Absolute Advantage: The Asymmetric Case


1. Introduction


2. The Basic Structure of the Model


3. The World Transformation Curve


4. Concluding Remarks

Appendix: The World Transformation Curves with No MNCs or MNCs of One Type Only

References

Variable Returns to Scale and Dynamic Adjustments: The Marshall-Lerner Condition Reconsidered


1. Introduction


2. Model


3. Stability of Temporary and Long-Run Equilibrium


4. Output Adjustment and Capital Adjustment Processes


5. Rehabilitation of the Marshallian Approach


6. A Shift in Tastes


7. The Transfer Problem


8. Some Further Discussions

Appendix A

Appendix B

References

Tariff Protection with Imperfect Competition and Existence of the General Equilibrium Solution with Intraindustry Trade


1. Introduction


2. Model


3. Existence of General Equilibrium Solution with Intraindustry Trade Between Two Countries


4. Tariff and Individual Countries


5. Tariff and World Welfare

References

International Transfer in Dynamic Economies


1. Introduction


2. Model


3. Comparative Dynamics and Statics: Main Theorems


4. Interpretation of the Theorems


5. Proof of Theorems

Appendix

References

Index

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