General Economic Equilibrium with Financial Markets and Retainability

General Economic Equilibrium with Financial Markets and Retainability
Title General Economic Equilibrium with Financial Markets and Retainability PDF eBook
Author Alejandro Jofre
Publisher
Pages 33
Release 2014
Genre
ISBN

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A theory of general economic equilibrium with incomplete financial markets is developed with many new features, including currency-denominated prices which enable treatment of currency-based derivative instruments and collateralized contracts. Prices in such models with standard market structure have previously been articulated only in "units of account" which have no link to an actual currency and are subject to indeterminancy in scaling. That shortcoming, which prevents ordinary price comparisons between different states, present and future, has stemmed from a focus on consumption as the sole source of economic value, but here retention of goods is allowed to influence their utility as well.The "goods" are not just commodities and thus can encompass other elements essential to finance. The framework is that of an economy operating in a currency agents find attractive to retain, in balance with other needs. The attractiveness comes from Keynesian considerations about uncertainty which until now have not been brought in. An altered view of time and states helps by loosening the grip of perfect foresight in future markets. Existence is established with a single currency denominating the units of account in all states, and price indeterminancy is thereby removed. All contracts issued in the financial markets can be interpreted then as "real contracts." Endogenously generated transaction costs on sales of contracts keep the financial markets from getting out of hand and lead to bid-ask spreads, including a gap between interest rates for lending and borrowing money. To this end, equilibrium is given a variational formulation that brings fresh tools to the subject. A different way of proving existence in that setting, not merely in a generic sense and without normalizing to a price simplex or arbitrarily fixing "price levels" in the future states, makes use of duality bounds for the budget constraints. In the currency framework of the model, the proof of equilibrium is able moreover to proceed under far weaker assumptions than usual on the agents' preferences and endowments.

General Equilibrium Foundations of Finance

General Equilibrium Foundations of Finance
Title General Equilibrium Foundations of Finance PDF eBook
Author Thorsten Hens
Publisher Springer Science & Business Media
Pages 336
Release 2002
Genre Business & Economics
ISBN 9781402073373

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The purpose of General Equilibrium Foundations of Finance is to give a sound economic foundation of finance based on the general equilibrium model with incomplete markets which embodies the famous CAPM as an important special case. This goal is achieved by giving reasonable restrictions on the agents' characteristics that lead to a well determined financial markets model having a unique competitive equilibrium. The innovation of this book is to transfer and to extend the theoretical results on the structure of competitive equilibria into the modern context of incomplete financial markets. General Equilibrium Foundations of Finance should be easily accessible by advanced Ph.D. students as well as by theorists of any subfield of mathematical economics. It should be interesting both for theorists who are looking for possible applications of rigorous theorizing as well as for practitioners who seek for a theoretical foundation of fruitful applications of financial markets' models.

Theory Of General Economic Equilibrium

Theory Of General Economic Equilibrium
Title Theory Of General Economic Equilibrium PDF eBook
Author Hans Keiding
Publisher World Scientific
Pages 447
Release 2020-05-26
Genre Business & Economics
ISBN 9811214409

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This book provides a comprehensive introduction to general equilibrium theory, covering the standard topics as well as the developments of the theory over the past fifty years. This ensures that the reader gains a thorough account of what has been established both in pure theory and in applications.In addition to the basic topics, this book elaborates on fields which are relevant but not mentioned frequently in this context. The material covered includes international trade, growth, finance and implementation, and it offers a broader view than what is usual in texts on general equilibrium theory. This book would make for suitable reading for undergraduate and graduate courses in macroeconomics.

Global Trade and Conflicting National Interests

Global Trade and Conflicting National Interests
Title Global Trade and Conflicting National Interests PDF eBook
Author Ralph E. Gomory
Publisher MIT Press
Pages 216
Release 2022-06-07
Genre Business & Economics
ISBN 0262545802

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Ralph Gomory and William Baumol adapt classical trade models to the modern world economy. In this book Ralph Gomory and William Baumol adapt classical trade models to the modern world economy. Trade today is dominated by manufactured goods, rapidly moving technology, and huge firms that benefit from economies of scale. This is very different from the largely agricultural world in which the classical theories originated. Gomory and Baumol show that the new and significant conflicts resulting from international trade are inherent in modern economies.Today improvement in one country's productive capabilities is often attainable only at the expense of another country's general welfare. The authors describe why and when this is so and why, in a modern free-trade environment, a country might have a vital stake in the competitive strength of its industries.

The Theory of Money and Financial Institutions

The Theory of Money and Financial Institutions
Title The Theory of Money and Financial Institutions PDF eBook
Author Martin Shubik
Publisher MIT Press
Pages 472
Release 1999
Genre Business & Economics
ISBN 9780262693110

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This first volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores a one-period approach to economic exchange with money, debt, and bankruptcy. This is the first volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.

The Mineral Nutrition of Livestock

The Mineral Nutrition of Livestock
Title The Mineral Nutrition of Livestock PDF eBook
Author Eric John Underwood
Publisher Oxford University Press, USA
Pages 0
Release 2001
Genre Animal feeding
ISBN 9780851995571

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This book is an up to date reference work covering all aspects of macro and trace element nutrition in farm livestock. Sufficient information is given on metabolism, functions and interactions to explain why needs, feeds and imbalances are not always easy to define or anticipate. The major emphasis is on the mineral nutrition of ruminant livestock since they are most likely to be affected by imbalances but where pigs and poultry are the more vulnerable, extensive coverage of the non-ruminant is given. This new edition of a highly successful text has been thoroughly revised and significantly expanded. Many chapters have been extensively updated and several chapters on new topics introduced. * Calcium, phosphorus, sodium and potassium are now treated separately * Over 40 new figures are presented, and extensive use made oftables to summarise important data * Chapters on trace elements have been drastically revised * Claims for enhanced availability for new chelated sources arecritically reviewed * Completely new chapters focus on: The unique need of the ruminant for elemental sulphur Occasionally beneficial elements and essentially toxic elements The improved conduct and interpretation of supplementation trials

Discussion Paper

Discussion Paper
Title Discussion Paper PDF eBook
Author
Publisher
Pages 128
Release 1994
Genre Labor economics
ISBN

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