Cycles and sunspots: the Poincare-Hopf approach
Article Abstract:
The relationship between cycles and stationary sunspot equilibria (SSE) that are of finite order in an n-commodity economy is studied. By providing a simple condition that is sufficient for the existence of SSE as they are linked with any given Markov matrix, it was revealed that cycles of order 2 exist. This suggests that SSE are arbitrarily close to cycles of order k for any even k. The corresponding SSE are also shown to be of maximum order.
Publication Name: The Journal of Mathematical Economics
Subject: Mathematics
ISSN: 0304-4068
Year: 1996
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Existence of equilibrium in incomplete markets with intermediation costs
Article Abstract:
General equilibrium models considering incomplete markers and transaction costs in the financial market are analyzed. A simplifying assumption is adopted to neglect real transaction costs. Results show that an equilibrium always occurs in incomplete markets with intermediation costs and real assets. The intermediation costs methodology has potential in solving pressing problems such as equilibria selection and market structure endogenization.
Publication Name: The Journal of Mathematical Economics
Subject: Mathematics
ISSN: 0304-4068
Year: 1996
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