On the Sensitivity of Stability Results to the Choice of the Numeraire

Mukherji, Anjan

doi:10.2307/2296462

Cited by 11 publications

(7 citation statements)

References 3 publications

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“…Sexto, o postulado P implica o teorema T. E fica estabelecida a forma de realização do edifício da teoria do equilíbrio geral quando da passagem das economias na versão Walras-Hicks- Samuelson-Metzler (1945) -Lange (1944, para a economia Arrow & Debreu nos anos 50 (Hahn 1958(Hahn ,1961Negishi 1958Negishi , 1961Negishi , 1962Walker 1987;Mukherji 1973Mukherji , 1995.…”

Section: Cenário Analíticounclassified

Teoria da estabilidade do equilíbrio competitivo em mercado múltiplo numa economia Arrow & Debreu

Farias¹

2010

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Este artigo tem por objetivo expor o debate contemporâneo sobre ascontribuições principais à teoria da estabilidade do equilíbrio competitivo emuma economia submetida a processos diversos de ajustamento: Tâtonnement eNonTâtonnement. Discutimos os principais resultados estabelecidos pelos autorespertinentes a literatura sobre a teoria da estabilidade do equilíbrio walrasiano.Enunciamos e discutimos alguns dos principais teoremas. E primando pela didáticarealizamos exemplos numéricos, quando pertinentes, alguns não estabelecidos nosartigos originais e mesmo nos textos didáticos. Realizamos comentários pertinentesaos modelos apresentados, extraídos da literatura original.

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Section: Cenário Analíticounclassified

Teoria da estabilidade do equilíbrio competitivo em mercado múltiplo numa economia Arrow & Debreu

Farias¹

2010

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“…This process is called the "normalized" system. We shall consider mostly the latter, noting that the choice of the numeraire may affect stability results (Mukherji 1973).…”

Section: The Tatonnement Processmentioning

confidence: 99%

“…There is an equilibrium at infinity.19 There are two sets of examples in this contribution; we consider here the two-good example. A treatment of the three-good example is contained inMukherji (1973); see alsoBala (1997).…”

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Stability of a competitive economy: A reconsideration

Mukherji

2008

Int J of Economic Theory

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Negishi (1962) suggested that price adjustment was a means of attaining a particular optimum rather than an equilibrium; this provides the starting point for the present paper. Using a gradient process to arrive at an optimum, the paper shows that with proper distribution of endowments, this process may be considered to be an actual price adjustment process. The role of a proper distribution is investigated further and related to the existing published literature. It is also shown that if the distribution of endowments satisfies certain regularity features then the equilibrium will be globally stable under the classical price adjustment rule where price adjustment is proportional to excess demand.

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“…4 4 There are two sets of examples in this contribution; we consider here the two‐good example. A treatment of the three‐good example is contained in Mukherji (1973); see also Bala (1997), in this connection. …”

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confidence: 98%

The second fundamental theorem of positive economics

Mukherji¹

2012

Int J of Economic Theory

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The paper examines what result, apart from the existence of competitive equilibrium, may be called a Fundamental Theorem of Positive Economics. It is shown first that if, for any distribution of the aggregate endowment, the matrix sum of the Jacobian of the excess demand function plus its transpose, evaluated at equilibrium, has maximal rank, then equilibrium will be locally asymptotically stable. It is next shown that redistributing resources will always make a competitive equilibrium price configuration stable provided that the rank condition referred to earlier holds at zero‐trade competitive equilibria: this is the Second Fundamental Theorem of Positive Economics.

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On the Sensitivity of Stability Results to the Choice of the Numeraire

Cited by 11 publications

References 3 publications

Teoria da estabilidade do equilíbrio competitivo em mercado múltiplo numa economia Arrow & Debreu

Teoria da estabilidade do equilíbrio competitivo em mercado múltiplo numa economia Arrow & Debreu

Stability of a competitive economy: A reconsideration

The second fundamental theorem of positive economics

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