By Jacques Drèze
Top students study a number particular departures from common equilibrium conception that have major implications for the macroeconomic research of either built and constructing economies. Jacques Dr?ze considers uncertainty and incomplete markets and Nobel Laureate Robert Solow relates progress conception to the macroeconomic framework. different matters tested are the consequences for macro-policy of latest examine, together with Joseph Stiglitz's caution at the lost zeal for monetary industry liberalization which in part engendered the East Asian and Russian crises.
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Additional resources for Advances in Macroeconomic Theory (International Economic Association Conference Volume No. 133)
The first assumption (not used by Radner) states that, although markets are incomplete, they permit agents at any date to transfer wealth across all the events at the following date; that is, markets are ‘one-period ahead complete’, and will be so again in the future. 16 Under these very strong assumptions, the sequence of temporary equilibria implements an equilibrium with complete markets. Hence, ArrowDebreu existence theorems carry over, as do stability theorems for Walrasian tâtonnement. But the coordination of plans and price expectations in the absence of markets is a dark mystery, even darkened by the possibility of multiple equilibria.
That was the significance of the ‘General’ in The General Theory: an equilibrium in which the labour market cleared was supposed to be only one among a continuum of equilibrium possibilities. Most of us think that Keynes was unable to make good on that claim. He lacked the analytical equipment that is required to do the job. Today, however, we have been there and done that. Starting with John Bryant’s simple 1983 mechanism and branching out from there, a whole variety of models has been created with two key properties: they can exhibit multiple equilibria, and those equilibrium configurations can be Pareto ranked.
Over shorter intervals, and more disturbed intervals, however, quantities move faster than prices, and income-driven processes may dominate price-driven corrections. If I am right, such a theory would look more Keynesian if you watched it on a short time scale, more neoclassical if you watched it on a long time scale. Actually, lapse of time, mere length of run, may not be the only factor that governs which approximation is better. The size of a disturbance may be more important in determining whether price or quantity reactions dominate macro-behaviour.
Advances in Macroeconomic Theory (International Economic Association Conference Volume No. 133) by Jacques Drèze