Download A Disequilibrium-Equilibrium Model with Money and Bonds: A by Prof. Dr. Hanjiro Haga (auth.) PDF

By Prof. Dr. Hanjiro Haga (auth.)

ISBN-10: 3540079920

ISBN-13: 9783540079927

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Extra info for A Disequilibrium-Equilibrium Model with Money and Bonds: A Keynesian-Walrasian Synthesis

Example text

56 Next. 2 ••••• T. 2 ••••• T. Remark II. A~ is compact and strictly convex. l ••••• T). A~ is compact and convex. 2 ••••• T-1). Bi is compact and convex. 2 ••••• &) and each t(t=O. T). ~l. Bt • ~s compact and convex. 2 ••••• &) and each t(t=O. 1 ••••• T-1). Bo' and iii 0 in Remark I. they will be omitted. If we let Ak denote the Carte~ian product Ak x Ak x Ak x Ak x Ak x Ak x ••••• x o 0 1 122 Ak then by definition. for each k. i) If we let Bi denote the Cartesian product Bi x iii x Bi x iii x Bi x iii x ••••• x o 0 1 1 2 2 Bi T' then by definition.

D), and yEA }, for each PES. " Then, let us investigate the following mapping which associates a set nk(p) in Ak with each vector P on S", that is, k=1,2, ... , (10. ii) We will prove below that the mapping nk is closed. jl. we will show the continuity of the following mapping S" ... iii) k=1,2, ... d) for each given PES". 88. S" contains a vector P (P o ,1,P o ,2' ••. , Po,n+l'z) with z = o. The 59 The mapping Q~ is continuous on Sa. lower semi-continuous. 89 The lower semi-continuity of Q~ can be easily shown, also.

However. rather awkward if the firm holds fixed capital goods. Thus we assume away the problem of fixed capital goods for the sake of simplicity. 42. 5. actually the firm gains the profits near the end of the period. 43. Cf. pp. 14-15 and pp. 17-18. 44. As will be shown later. •• T-l; tFT) are nont, negative in the firm's subjective equilibriumn. even without assuming their nonnegativity. 3. k may be negative. 29 of goods (including labour and bonds) and on money stock in the O-th period. 45 That is, i t 7fk(P o ,1,P o ,2' t=1,2, T.

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