Autore: Maret, Isabelle
Titolo: Heterogeneity and dynamics of temporary equilibria: short-run versus long-run stability
Periodico: European University Institute of Badia Fiesolana (Fi). Department of Economics - Working papers
Anno: 1994 - Fascicolo: 22 - Pagina iniziale: 1 - Pagina finale: 84

This paper analyses the impact of some assumptions of households’ heterogeneity on the uniqueness and the stability property of the temporary equilibrium of a pure exchange economy. The set of households’ characteristics includes expectations about future prices. A high dispersion of households on this space ensures the global stability of the short-run equilibrium, and in addition the convergence of the sequence of temporary equilibria. The heterogeneity of expectations stabilizes the dynamics with learning near any stationary price when the perfect foresight dynamics are locally well determinate.


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Testo completo: http://hdl.handle.net/1814/501

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