
	Where results make sense

Topic: Intertemporal equilibrium

Related Topics

Intertemporal choice

List of economics topics

Jon Nakamatsu

Nichihara, Shimane

Adeline

Orkut

Grandstand

Knowledge Navigator

Warez

Federal Marriage Amendment

Rush Limbaugh

Tom Campbell Clark

London Borough of Enfield

Hermitage, Pennsylvania

Cape Girardeau

In the News (Mon 4 Jun 12)

EXECUTIVE POWER

Iran

ANALYSIS

Pakistan

Family compact

	Intertemporal Planning, Exchange and Macroeconomics - Cambridge University Press
		This book is an original and rigorous effort to incorporate into modern general equilibrium macroeconomics an analysis of the transactions and accumulation behavior of individuals.
		It has become widely recognized that much of the demise of contemporary macroeconomic analysis is attributable to the absence of a foundation in microeconomic and general equilibrium theory.
		The role of a government in aiding the economy to attain an efficient equilibrium is discussed.
	uk.cambridge.org /catalogue/catalogue.asp?isbn=0521230675 (227 words)

	SPEED-ENGLISH-STAFF-KEMFERT-MODEL
		WAGEM is an intertemporal computable general equilibrium model for the global economy considering 11 world regions which are linked through bilateral trade flows.
		International capital flows reflect borrowing and lending at the world interest rate, and are endogenous subject to an intertemporal balance of payments constraint considering that there is no change in net indebtedness over the entire model horizon.
		The representation of the economic relations is based on an intertemporal general equilibrium approach and contains the international markets for oil, coal and gas.
	www.uni-oldenburg.de /speed/english/staff/kemfert/model.htm (784 words)

	Capital and Equilibrium
		An important aspect of this approach is its move away from the purely physical dimensions of equilibrium as a state of rest or balance of forces, to one firmly based in the human mind.
		Equilibrium is here conceived as a situation in which individual knowledge and expectations, and the actions based on these, are compatible with the 'data,' where the 'data' for one individual include the actions of other individuals.
		While it is true that equilibrium "is in the model and not in the world,"[3] we shall want to build a bridge between the 'model' and the 'world' and maintain that timeless models cannot do this.
	www.utdallas.edu /~plewin/Equil.html (9273 words)

	Dale Jorgenson's Collected Works
		It is important to recognize at the outset that the dominant tradition in general equilibrium modeling does not employ econometric methods.
		Both these mechanisms are captured by the intertemporal general equilibrium that Wilcoxen and I have presented in Chapter 3.
		Intertemporal general equilibrium modeling provides a very worthwhile addition to methodologies for evaluating the impact of energy, environmental, trade, and tax policies.
	post.economics.harvard.edu /faculty/jorgenson/colwork/growthp2.html (5828 words)

	Arrow-Debreu Model of Intertemporal Equilibrium
		An "equilibrium of a private ownership economy" is a vector of prices, a consumption plan chosen by each consumer, and a production plan chosen by each producer where the consumers have maximized utility, the firms have maximized profits, and the demand for every commodity does not exceed the total endowments.
		The relationship of an equilibrium to the given data can be quite complicated, sometimes counter-intuitive: "Even people who have made no study of economic theory are familiar with the idea that when something is more plentiful its price will be lower, and introductory courses on economic theory reinforce this common presumption with various examples.
		Thus, the equilibrium, if any, that would be reached by a dynamic adjustment process taking time would not correspond to the original data of the Arrow-Debreu equilibrium.
	www.talkaboutinvestments.com /group/sci.econ/messages/223392.html (1733 words)

	Equilibrium - Wikipedia, the free encyclopedia
		Equilibrium is the sense of balance present in humans and animals.
		Partition equilibrium, type of chromatography that is typically used in GC Quasistatic equilibrium, the quasi-balanced state of a thermodynamic system near to equilibrium in some sense or degree
		Intertemporal equilibrium, the assertion that the economy at any one time is in disequilibrium
	en.wikipedia.org /wiki/Equilibrium (558 words)

	BUSINESS CYCLE THEORY
		The market process that eventually reveals the intertemporal misallocation and turns boom into bust resembles an analogous process described by the British Currency School, in which international misallocations induced by credit expansion are subsequently eliminated by changes in the terms of trade and hence in specie flow.
		Each figure represents a state of equilibrium in the loan market: the market-clearing rate of interest is i, as shown on the vertical axis; the amount of income saved and borrowed for investment purposes is A, as shown on the horizontal axis.
		Mainstream macroeconomists take structural problems (intertemporal or otherwise) to be completely separate from the general problem of demand deficiency and the periodic problem of downward spirals of demand and income.
	www.auburn.edu /~garriro/a1abc.htm (2066 words)

	What is Truth in Capital Theory? -- Theme 3: Capital, Time and the Interest Rate
		In order to show why equilibrium would not be achieved in the contingent world, the nature of the errors that could be made and their consequences, and why the differences between entrepreneurial and bureaucratic responses were important, Hayek (like Knight) adopted a notion of theorizing that departed from the common method of successive approximation.
		Nevertheless, Hayek's development of a pure logic of intertemporal equilibrium (systematically articulated in Hayek (1941), but identified in Hayek 1936) was still unacceptable to Knight, although it is difficult to provide a clear and consistent account of the reasons for their disagreement.
		Hayek moves to an intertemporal micro-economic theory, while Knight continues to treat society's output in the aggregate, although it would be better to say that he considers society's output to be a non-divisible whole, like the choral performance.
	www.msu.edu /~emmettr/capital/Theme3.html (3333 words)

	Financial Markets, Intermediaries and Intertemporal Smoothing - Knowledge@Wharton
		They demonstrate that in market equilibrium the safe asset is not usually held but, in fact, is dominated by the risky asset.
		They demonstrate that by accumulating reserves in the form of the safe asset and using them to "smooth" the returns to the risky asset, it is possible to increase the welfare of all but a negligible set of agents by a non-negligible and uniform amount.
		The authors then interpret intertemporal smoothing as the product of intermediation and suggest that the contrasting performance of the U.S. and German economies may be understood in terms of this intertemporal smoothing mechanism.
	knowledge.wharton.upenn.edu /paper.cfm?paperid=360 (469 words)

	FROM LACHMANN TO LUCAS
		With noteworthy exceptions, the attention to the intertemporal aspect of the coordination problem in modern macroeconomics is on the wane.
		This variant of Keynesianism, however, is concerned not with the prospects for achieving an intertemporal equilibrium but rather with the prospects for clearing the labor market in each period--whether or not investment spending in a given period corresponds to consumer spending in some future period.
		The claim that there is a general tendency toward equilibrium rests on the understanding of a market process in which each investor is investing on the basis of his own expectations.
	www.auburn.edu /%7Egarriro/j6lachlucas.htm (5486 words)

	Dale Jorgenson's Bibliography
		This forward-looking feature of an intertemporal price system is combined with backward linkages among investment, capital stock, and capital services in modeling the dynamics of long run economic growth empirically.
		Jorgenson and Yun presented an intertemporal general equilibrium model of the impact of tax policy on U.S. economic growth based on rational expectations.
		Jorgenson's econometric approach to intertemporal general equilibrium modeling is summarized in his survey paper with Peter Wilcoxen, "Energy, the Environment, and Economic Growth," in the third volume of the HANDBOOK OF NATURAL RESOURCE AND ENERGY ECONOMICS in 1993.
	www.economics.harvard.edu /faculty/jorgenson/bio/bib.html (2916 words)

	SSRN-Intertemporal Price Discrimination with Forward-Looking Consumers: Application to the US Market for Console ...
		Firms in durable good product markets face incentives to intertemporally price discriminate, by setting high initial prices to sell to consumers with the highest willingness to pay, and cutting prices thereafter to appeal to those with lower willingness to pay.
		Prices in our model are equilibrium outcomes of a game played between forward-looking consumers who strategically delay purchases to avail of lower prices in the future, and a forward-looking firm that takes this consumer behavior into account in formulating its optimal pricing policy.
		Simulations reveal that the profit losses of ignoring forward-looking behavior by consumers are large and economically significant, and suggest that market research that provides information regarding the extent of discounting by consumers is valuable to video-game firms.
	www.ssrn.com /abstract=945409 (449 words)

	An Intertemporal, Multi-region General Equilibrium Model of Agricultural Trade Liberalization in the South ... (Site not responding. Last check: 2007-11-05)
		With the aid of an intertemporal, multi-region general equilibrium model, we study issues of agricultural trade liberalization, growth and capital accumulation in the context of a world economy moving towards a multi-polar structure.
		The model is based on intertemporal general equilibrium theory with Ramsey-type dynamics.
		A key feature of the model is its explicit recognition of both the commodity and foreign capital flows across regions in an endogenous setting, and its explicit portrayal of the out-of-steady state dynamics under an intertemporal optimization framework.
	www.ifpri.org /divs/tmd/dp/tmdp56.htm (322 words)

	Lachmann, Capital and Its Structure, Chapter 5: Library of Economics and Liberty
		We shall then attempt to show that the validity of the argument is not impaired by recent 'monetary' doctrines of the interest rate as long as the difference between equilibrium conditions and the equilibrating mechanism is firmly kept in mind.
		We shall see that once we distinguish clearly between equilibrium and disequilibrium conditions, and take the trouble to define the circumstances in which intertemporal equilibrium is at all conceivable, the substance of the controversy vanishes.
		The case is exactly parallel to the over-all equilibrium in the forward exchange market which subsists despite differences in interest rates in different financial centres which will make the 'swap' rates vary, but do not affect the net rate of profit.
	www.econlib.org /library/NPDBooks/Lachmann/lchmCS5.html (4221 words)

	[No title]
		The purpose of this manual is to contribute to and facilitate the use of computable general equilibrium (CGE) models in the analysis of issues related to food policy in developing countries.
		The model is used to simulate the impact of two exogenous shocks (a fall in the price of the export crop and an import tariff reform) specifically on poverty.
		Insurance aspects of tax policies are studied in a simple intertemporal general equilibrium model in which agents are uncertain about both the future wage rates and the rate of return on capital.
	www.lycos.com /info/general-equilibrium--computable-general-equilibrium.html (680 words)

	THE NEO-WALRASIAN SCHOOL
		The Vienna question, the existence of equilibrium, was proved by Arrow and Debreu (1954), Lionel McKenzie (1954), David Gale (1955) and Hukukane Nikaido (1956), using fixed-point theorems created around this time.
		Local and global stability of equilibrium was pursued in the late 1950s and early 1960s, notably by Kenneth Arrow and Leonid Hurwicz (1958, 1959) and Lionel McKenzie (1960).
		The incorporation of capital theory, in the form of an intertemporal equilibrium, was effectively accomplished by Edmond Malinvaud (1953).
	cepa.newschool.edu /het/schools/neow.htm (1530 words)

	The G-Cubed Model (Site not responding. Last check: 2007-11-05)
		Intertemporal budget constraints are imposed on households, governments and nations (the latter through accumulations of foreign debt).
		Overall, the model is designed to provide a bridge between computable general equilibrium models and macroeconomic models by integrating the more desirable features of both approaches.
		Consumers in the model also decide on intertemporal consumption and the composition of the consumption basket at each point in time based on perceptions of wealth based on existing information and current income.
	www.cs.cmu.edu /afs/cs.cmu.edu/project/theo-3/OldFiles/data/web_type/Economy/gcubed.htm (1115 words)

	Critical Essays on Piero Sraffa's Legacy in Economics - Cambridge University Press
		The topics covered explore Sraffa's interpretation of the classical economists; his theory of value and distribution; his critique of partial and general neoclassical equilibrium theory; his focus on the problem of capital; and his critique of Hayek's monetary overinvestment theory of the business cycle.
		Specific issues investigated include intertemporal general equilibrium theory and the capital problem; the probability of reswitching; Ricardo, Malthus, and the corn model; and the meaning and implication of the capital controversy.
		Intertemporal Equilibrium Theory and the Problem of Capital: 10.
	www.cambridge.org /catalogue/print.asp?isbn=0521580897&print=y (465 words)

	IMF Staff Papers - Volume 50, Number 3, 2003 - "Big Bang" Versus Gradualism in Economic Reforms: An Intertemporal ...
		Abstract: This paper analyzes issues concerning the speed of adjustment and sequencing of reforms in a transition economy.
		It presents a dynamic general equilibrium model parameterized with Chinese data.
		The model is used to generate different policy simulations that highlight the importance of the policy instruments used during the transition period.
	www.imf.org /external/Pubs/FT/staffp/2003/03/feltenst.htm (157 words)

	The Austrian Theory of the Trade Cycle, The Austrian Theory: A Summary
		Market mechanisms that allocate resources within the capital structure are imperfect enough to permit substantial intertemporal disequilibria, but the market process that shifts output from the near to the more remote future when savings preferences have not changed is bound to be ill-fated.
		The self-aggravating contraction of economic activity was designated as a "secondary depression" by the Austrians to distinguish it from the structural maladjustment that, in their view, is the primary problem.
		Questions of policy and institutional reform are answered differently by Austrian and mainstream economists because of the difference in focus as between intertemporal misallocations and downward spirals.
	www.mises.org /tradcycl/theorsum.asp (2056 words)

	SSRN-Dynamic Gains and Losses from Trade Reform: An Intertemporal General Equilibrium Model of the United States and ...
		An intertemporal general equilibrium model of the United States and MERCOSUR is created to analyze the dynamic adjustments in both regions' commodity and capital markets after trade liberalization.
		If tariffs are eliminated by both regions, both regions are better off from points of intertemporal social welfare, international trade, domestic investment, and growth.
		Somwaru, Agapi and Diao, Xinshen, "Dynamic Gains and Losses from Trade Reform: An Intertemporal General Equilibrium Model of the United States and MERCOSUR" (July 1996).
	papers.ssrn.com /sol3/papers.cfm?abstract_id=15010 (317 words)

	No Neoclassical Price Theory
		Second, the failure has been further obscured by a fundamental change in the notion of equilibrium (again first explored by Garegnani...).
		The notion of equilibrium has been changed from the traditional concept of normal or long-run equilibrium to the relatively novel concept of intertemporal equilibrium...
		"since both groups of versions of marginalist equilibrium theory - the long-period versions and the neo-Walrasian versions - encounter what appear to be radical and insurmountable difficulties, one must conclude that at present there is no defensible neoclassical theory (in the sense of explanation) of prices and distribution.
	www.talkaboutinvestments.com /group/sci.econ/messages/192690.html (371 words)

	The Friedrich Hayek Quote Page
		The ideas of intertemporal equilibrium, which was to be precisely defined in axiomatic terms by Arrow and Debreu, took shape in his writings of the 1920s and 1930s." (B. Ingrao and G. Israel, 1990, p.
		The idea of intertemporal equilibrium, which was to be precisely defined in axiomatic terms by Arrow and Debreu, took shape in his writings of the 1920s and 1930s." (Bruna Ingrao and Giorgio Israel, The Invisible Hand: Economic Equilibrium in the History of Science, 1990, p.
		Their equilibrium was a static equilibrium, in which neither prices nor outputs were changing..
	www.hayekcenter.org /friedrichhayek/hayekquote.htm (8652 words)

	RePEc
		The main reason for this result to be true is that in contrary to the Arrow-Debreu model where final consumption allocations for all periods are reached immediately in the first period, in an Intertemporal General Equilibrium Model they are reached via futures and spot markets transactions.
		The consequence of this two stage allocation process is that the incomes in every period are determined by the evaluation of endowments which are the result of the equilibrium process in futures markets of the period before and thus far away from being arbitrary as in the Arrow-Debreu Model.
		But with incomplete financial markets, heterogeneous expectations lying in an appropriate set of dimension S-L (where S is the number of states of the world and L the number of assets) still lead to a monotone spot market excess demand function.
	www.inomics.com /cgi/repec?handle=RePEc:bon:bonsfa:280 (308 words)

	An Intertemporal Model of Segmentation - Knowledge@Wharton
		Within the model, under various forms of segmentation/integration, the equilibrium asset prices and allocations, the risk-free interest rate, and the intertemporal consumption behavior and welfares of two countries are derived and compared.
		It is shown that the equilibrium interest rate is increased on integration, and that integrating markets may be significantly welfare decreasing for one of the countries.
		The conclusions as to the effects of segmentation on asset prices in the mean variance model of the existing finance segmentation literature are also shown to break down in an intertemporal model.
	knowledge.wharton.upenn.edu /paper.cfm?paperid=698 (135 words)

	advanced cge
		This course is only accessible to those who have some experience in general equilibrium modeling and to the alumni of the
		The course will introduce all the basic tools for constructing and implementing large-scale multi-national and multi-sectoral dynamic intertemporal general equilibrium models for policy analysis.
		This course is only accessible to the alumni of the Practical Course in Economic Modeling (in the EcoMod Modeling School or on the EcoMod on-line courses), or to those who have some experience in general equilibrium modeling and in GAMS.
	www.ecomod.net /courses/cge_advanced/advanced_cge.htm (351 words)

	Impact of the MFA Phase-Out on the World Economy: An Intertemporal Globalgeneral Equilibrium Analysis (Site not responding. Last check: 2007-11-05)
		This study focuses on the possible impact of the MFA phase-out on the world economy.
		A more open and freer market in the industrial countries is an important condition for developing countries to maintain their growth momentum.
		The study further focuses on the possible impacts of the MFA phase-out on the world T&A trade using an intertemporal, global general equilibrium model.
	www.ifpri.org /divs/tmd/dp/tmdp79.htm (325 words)

Try your search on: Qwika (all wikis)