Becker / Boldrin / Jones General Equilibrium, Growth, and Trade II

The Legacy of Lionel McKenzie
1. Auflage 2014
ISBN: 978-1-4832-1638-6
Verlag: Elsevier Reference Monographs
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)

E-Book, Englisch, 630 Seiten

General Equilibrium, Growth, and Trade II

Autoren/Hrsg.

Becker, Robert

Boldrin, Michele

Jones, Ronald

Inhaltsverzeichnis

1;Front Cover;1
2;General Equilibrium, Growth, and Trade II: The Legacy of Lionel McKenzie;4
3;Copyright Page;5
4;Table of Contents;10
5;LIONEL McKENZIE;6
6;PREFACE;18
7;PART I: GENERAL EQUILIBRIUM;22
7.1;CHAPTER 1. LIONEL McKENZIE ON THE EXISTENCE OF COMPETITIVE EQUILIBRIUM;24
7.1.1;1. INTRODUCTION;24
7.1.2;2. EXISTENCE IN GRAHAM'S MODEL: 1954;25
7.1.3;3. EXISTENCE WITH EXTERNALITIES: A YEAR LATER;36
7.1.4;4. INTERIORITY, IRREDUCIBILITY, AND IRREVERSIBILITY: FOUR YEARS LATER;43
7.1.5;5. CLASSICAL THEOREM IN ITS FULLY DEVELOPED FORM: 22 YEARS LATER;57
7.1.6;6. AN OVERVIEW;65
7.1.7;Acknowledgments;67
7.1.8;References;67
7.2;CHAPTER 2. McKENZIE AND THE SLUTSKY COEFFICIENTS;72
7.2.1;References;76
7.3;CHAPTER 3. REAL INDETERMINACY FROM IMPERFECT FINANCIAL MARKETS: TWO ADDENDA;77
7.3.1;1. INTRODUCTION;77
7.3.2;2. THE SETTING;78
7.3.3;3. OUTSIDE MONEY;82
7.3.4;4. SMALL IMPERFECTIONS;88
7.3.5;Acknowledgments;92
7.3.6;References;92
7.4;CHAPTER 4. IRREDUCIBILITY, RESOURCE RELATEDNESS, AND SURVIVAL IN EQUILIBRIUM WITH INDIVIDUAL NONCONVEXITIES;94
7.4.1;1. INTRODUCTION;94
7.4.2;2. PRELIMINARIES;98
7.4.3;3. CHEAPER POINTS FOR INDIVIDUALS;102
7.4.4;4. NONOLIGARCHIC ALLOCATIONS;111
7.4.5;5. INTERDEPENDENT AGENTS AND IRREDUCIBLE ECONOMIES;117
7.4.6;6. CONTINUUM ECONOMIES;125
7.4.7;7. PROOFS OF PROPOSITIONS;128
7.4.8;8. CONCLUDING REMARKS;133
7.4.9;Acknowledgments;134
7.4.10;References;134
7.5;CHAPTER 5. INCOMPLETE FINANCIAL MARKETS WITH AN INFINITE HORIZON;137
7.5.1;1. INTRODUCTION;137
7.5.2;2. DEFINITIONS;141
7.5.3;3. BANKRUPTCY CONDITION AND CONTINUITY OF THE BUDGET SET;148
7.5.4;4. PRICE SPACE;159
7.5.5;5. INDETERMINACY;162
7.5.6;6. CONCLUSIONS;167
7.5.7;Acknowledgments;168
7.5.8;References;168
7.6;CHAPTER 6. COMMODITY PAIR DESIRABILITY AND THE CORE EQUIVALENCE THEOREM;171
7.6.1;1. INTRODUCTION;171
7.6.2;2. PRELIMINARIES;173
7.6.3;3. THE MODEL AND A PRELIMINARY THEOREM;176
7.6.4;4. EXTREMELY DESIRABLE COMMODITIES AND COMMODITY PAIR DESIRABILITY;181
7.6.5;5. CORE-WALRAS EQUIVALENCE IN BANACH LATTICES WHOSE POSITIVE CONE HAS AN EMPTY INTERIOR;183
7.6.6;6. CONCLUDING REMARKS;185
7.6.7;Acknowledgments;187
7.6.8;References;187
7.7;CHAPTER 7. LUMP-SUM TAXATION: THE STATIC ECONOMY;189
7.7.1;1. INTRODUCTION;189
7.7.2;2. PRELIMINARIES;191
7.7.3;3. BONAFIDE FISCAL POLICIES;193
7.7.4;4. THE SET OF EQUILIBRIUM MONEY PRICES;197
7.7.5;5. EXTENSIONS;199
7.7.6;Acknowledgments;200
7.7.7;References;200
7.8;CHAPTER 8. EQUILIBRIUM, STABILITY, AND PRICE ADJUSTMENTS IN COMPETITIVE MARKETS;202
7.8.1;1. INTRODUCTION;202
7.8.2;2. EXAMPLES OF COMPETITIVE ECONOMIES;206
7.8.3;3. PRICE CHOICES WITH AN OPTIMIZING PRICE MAKER;208
7.8.4;4. SCARF'S ECONOMY: SINGLE-PERIOD HORIZON;210
7.8.5;5. SCARF'S ECONOMY: MULTIPERIOD HORIZON;214
7.8.6;6. GALE'S ECONOMY;218
7.8.7;7. CONCLUDING COMMENTS;221
7.8.8;Acknowledgments;223
7.8.9;References;223
7.9;CHAPTER 9. ASYMPTOTIC BEHAVIOR OF ASSET MARKETS: ASYMPTOTIC INEFFICIENCY;224
7.9.1;1. INTRODUCTION;224
7.9.2;2. THE MODEL;227
7.9.3;3. EXISTENCE OF SECURITIES MARKET EQUILIBRIUM;230
7.9.4;4. ASYMPTOTICS;234
7.9.5;5. GENERICITY;242
7.9.6;6. UNCONSTRAINED CONSUMPTION;248
7.9.7;7. CONCLUDING REMARKS;251
7.9.8;Acknowledgments;252
7.9.9;References;253
8;PART II: GROWTH;256
8.1;CHAPTER 10. ENDOGENOUS FERTILITY AND GROWTH;258
8.1.1;1. INTRODUCTION;258
8.1.2;2. THE MODEL AND ASSUMPTIONS;259
8.1.3;3. CHARACTERIZATION OF FERTILITY RATE CHANGES;262
8.1.4;4. THE MODEL WITH SCHOOLING;267
8.1.5;Acknowledgments;268
8.1.6;References;268
8.2;CHAPTER 11. A VINTAGE CAPITAL MODEL OF INVESTMENT AND GROWTH: THEORY AND EVIDENCE;269
8.2.1;1. INTRODUCTION;269
8.2.2;2. THE MODEL: DESCRIPTION AND GENERAL PROPERTIES;272
8.2.3;3. SOME TECHNICAL RESULTS;277
8.2.4;4. NONMONOTONICITY PROPERTIES OF THE OPTIMAL PATH;280
8.2.5;5. THE STEADY STATE;281
8.2.6;6. THE POLICY FUNCTION;283
8.2.7;7. THE STOCHASTIC MODEL;293
8.2.8;8. EMPIRICAL RESULTS;295
8.2.9;APPENDIX;306
8.2.10;Acknowledgments;321
8.2.11;References;321
8.3;CHAPTER 12. THOUGHTS ON VOLATILITY TESTS OF THE INTERTEMPORAL ASSET PRICING MODEL;323
8.3.1;1. INTRODUCTION;323
8.3.2;2. DEFINITION OF MARKET EFFICIENCY;324
8.3.3;3. A QUICK REVIEW OF TESTS OF MARKET EFFICIENCY;326
8.3.4;4. THE MODEL;328
8.3.5;5. ASSET PRICES WITH INSURANCE;333
8.3.6;6. ASSET PRICES WITHOUT INSURANCE;338
8.3.7;7. A POSSIBLE EXPLANATION OF VOLATILITY;348
8.3.8;Acknowledgment;350
8.3.9;References;350
8.4;CHAPTER 13. STATIONARY MARKOVIAN STRATEGIES IN DYNAMIC GAMES;352
8.4.1;1. INTRODUCTION;352
8.4.2;2. A DYNAMIC GAME MODEL OF RESOURCE EXPLOITATION;353
8.4.3;3. CYERT-DEGROOT-MASKIN-TIROLE DUOPOLY GAMES;360
8.4.4;4. REACTION FUNCTION EQUILIBRIA;365
8.4.5;5. CONCLUDING REMARKS;370
8.4.6;APPENDIX;370
8.4.7;Acknowledgments;371
8.4.8;References;372
8.5;CHAPTER 14. TURNPIKE PROPERTIES AND COMPARATIVE DYNAMICS OF GENERAL CAPITAL ACCUMULATION GAMES;373
8.5.1;1. INTRODUCTION;373
8.5.2;2. FORMULATION AND NOTATION;376
8.5.3;3. EXISTENCE AND STABILITY PROPERTIES;379
8.5.4;4. COMPARATIVE STATICS AND DYNAMICS;383
8.5.5;5. CONCLUSIONS;384
8.5.6;APPENDIX;385
8.5.7;Acknowledgments;386
8.5.8;References;386
8.6;CHAPTER 15. EXPERIMENTAL CONSUMPTION FOR A GENERAL CLASS OF DISTURBANCE DENSITIES;388
8.6.1;1. INTRODUCTION;388
8.6.2;2. THE MODEL;391
8.6.3;3. MAIN RESULTS;396
8.6.4;4. AN EXTENSION;403
8.6.5;5. EXAMPLES;406
8.6.6;Acknowledgment;413
8.6.7;References;413
8.7;CHAPTER 16. THE FIRM AND THE PLANT IN GENERAL EQUILIBRIUM THEORY;414
8.7.1;1. INTRODUCTION;414
8.7.2;2. THE FIRM IN GENERAL EQUILIBRIUM THEORY;416
8.7.3;3. THE PLANT IN GENERAL EQUILIBRIUM THEORY;418
8.7.4;4. EXISTENCE OF COMPETITIVE EQUILIBRIUM;424
8.7.5;Acknowledgment;431
8.7.6;References;431
8.8;CHAPTER 17. A NOTE ON BOUNDARY OPTIMAL PATHS;432
8.8.1;1. MOTIVATION;432
8.8.2;2. OUR BASIC MODEL;434
8.8.3;3. KEY ASSUMPTIONS AND THEIR IMPLICATIONS;439
8.8.4;4. ADDITIONAL RESULTS;444
8.8.5;5. CONCLUSION;447
8.8.6;Acknowledgments;447
8.8.7;References;447
9;PART III: INTERNATIONAL TRADE;448
9.1;CHAPTER 18. THE STOLPER-SAMUELSON THEOREM: LINKS TO DOMINANT DIAGONALS;450
9.1.1;1. THE STRONG FACTOR-INTENSITY CONDITION;451
9.1.2;2. A DOMINANT DIAGONAL MATRIX;455
9.1.3;3. THE WILLOUGHBY THEOREM;456
9.1.4;4. THE PRODUCED MOBILE FACTOR (PMF) STRUCTURE;459
9.1.5;5. CONCLUDING REMARKS;460
9.1.6;Acknowledgments;461
9.1.7;References;461
9.2;CHAPTER 19. LABOR MOBILITY AND WAGE RATE EQUALIZATION;463
9.2.1;1. INTRODUCTION;463
9.2.2;2. ONE IMMOBILE FACTOR;465
9.2.3;3. TWO IMMOBILE FACTORS;473
9.2.4;4. CONCLUSIONS;479
9.2.5;References;479
9.3;CHAPTER 20. BORROWING CONSTRAINTS AND INTERNATIONAL COMOVEMENTS;481
9.3.1;1. INTRODUCTION;481
9.3.2;2. THE MODEL;483
9.3.3;3. THE STATIONARY DISTRIBUTION OF ASSET HOLDING;496
9.3.4;4. SIMULATIONS OF THE MODEL;498
9.3.5;5. CONCLUSION;501
9.3.6;APPENDIX;502
9.3.7;Acknowledgments;510
9.3.8;References;510
9.4;CHAPTER 21. MULTINATIONAL CORPORATIONS AND ABSOLUTE ADVANTAGE: THE ASYMMETRIC CASE;511
9.4.1;1. INTRODUCTION;511
9.4.2;2. THE BASIC STRUCTURE OF THE MODEL;512
9.4.3;3. THE WORLD TRANSFORMATION CURVE;518
9.4.4;4. CONCLUDING REMARKS;524
9.4.5;APPENDIX: THE WORLD TRANSFORMATION CURVES WITH NO MNCs OR MNCs OF ONE TYPE ONLY;525
9.4.6;Acknowledgment;526
9.4.7;References;526
9.5;CHAPTER 22. VARIABLE RETURNS TO SCALE AND DYNAMIC ADJUSTMENTS: THE MARSHALL-LERNER CONDITION RECONSIDERED;528
9.5.1;1. INTRODUCTION;528
9.5.2;2. MODEL;530
9.5.3;3. STABILITY OF TEMPORARY AND LONG-RUN EQUILIBRIUM;533
9.5.4;4. OUTPUT ADJUSTMENT AND CAPITAL ADJUSTMENT PROCESSES;537
9.5.5;5. REHABILITATION OF THE MARSHALLIAN APPROACH;538
9.5.6;6. A SHIFT IN TASTES;545
9.5.7;7. THE TRANSFER PROBLEM;546
9.5.8;8. SOME FURTHER DISCUSSIONS;553
9.5.9;APPENDIX A;554
9.5.10;APPENDIX B;556
9.5.11;Acknowledgments;559
9.5.12;References;560
9.6;CHAPTER 23. TARIFF PROTECTION WITH IMPERFECT COMPETITION AND EXISTENCE OF THE GENERAL EQUILIBRIUM SOLUTION WITH INTRAINDUSTRY TRADE;562
9.6.1;1. INTRODUCTION;562
9.6.2;2. MODEL;563
9.6.3;3. EXISTENCE OF GENERAL EQUILIBRIUM SOLUTION WITH INTRAINDUSTRY TRADE BETWEEN TWO COUNTRIES;564
9.6.4;4. TARIFF AND INDIVIDUAL COUNTRIES;569
9.6.5;5. TARIFF AND WORLD WELFARE;572
9.6.6;Acknowledgments;574
9.6.7;References;575
9.7;CHAPTER 24. INTERNATIONAL TRANSFERS IN DYNAMIC ECONOMIES;576
9.7.1;1. INTRODUCTION;576
9.7.2;2. MODEL;578
9.7.3;3. COMPARATIVE DYNAMICS AND STATICS: MAIN THEOREMS;582
9.7.4;4. INTERPRETATION OF THE THEOREMS;586
9.7.5;5. PROOF OF THEOREMS;591
9.7.6;APPENDIX;600
9.7.7;Acknowledgments;602
9.7.8;References;602
10;INDEX;604
11;Previous Volumes in the Series;628