Temporary Equilibrium: Money, Expectations and Dynamics
1988 (English)Report (Other academic)
It is attempted in this review to present in accessible terms moden developments in the theory of temporary equilibrium and of economic dynamics initiated by the publication of Value and Capital. Attention is focussed on 1) the integration of money and financial assets in general equilibrium macroeconomic models and of their links with the theory of imperfect competition; 2) the occurrence and multiplicity of long run steady states, with self-fulfilling expectations, of the economic or social system (stationary states, deterministc cycles, stationary stochastic processes), and 3) the stability, or unstability, of these long run steady states when traders employ pre-specified learning processes.
Place, publisher, year, edition, pages
Stockholm: IIES , 1988. , 43 p.
Seminar Paper / Institute for International Economic Studies, Stockholm University, ISSN 0347-8769 ; 422
temporary equilibrium, economic dynamics, money, expectations, business cycles, learning
IdentifiersURN: urn:nbn:se:su:diva-41609OAI: oai:DiVA.org:su-41609DiVA: diva2:331583
Published in connection with a visit at the IIES.2010-07-232010-07-232010-07-23