Exploring general equilibrium
Author(s)
Bibliographic Information
Exploring general equilibrium
MIT Press, c1995
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Note
Bibliography: p. [263]-284
Includes index
Description and Table of Contents
Description
This text presents an assessment of general equilibrium theory and what that theory reveals about business cycles, growth and labour economics. The general equilibrium approach, the author asserts, can be used to explain most of the economy's behaviour. It can explain business cycles and growth without using sticky prices, irrationality, economies of scale, or imperfect competition. It can explain the volatility of consumption, output, sales, investment and inventories with axiomatic utility and constant returns-to-scale production. It can explain temporary layoffs, job changes with and without intervening unemployment and the behaviour of vacancies. It can explain lower wages in part-time jobs, wages that increase rapidly with time on the job and the forces that cause migration from poor to rich countries. Although the general equilibrium approach can't be tested in conventional ways, it can be used to generate examples that explain stylized facts - generalized observations from the real world - that have preoccupied macroeconomists for the last decade. The author contrasts his interpretation of these facts with conventional interpretations.
Table of Contents
- Part 1: classical theories
- puzzles
- stylized facts
- what matters
- what doesn't matter. Part 2: aspects of general equilibrium
- general utility
- consumption smoothing
- local substitution
- production
- output
- firms
- inputs
- smoothed output
- units and unit value
- consumption
- innovation
- return
- risk
- shocks
- the match
- sectors
- growth
- convergence
- migration
- volatility
- business cycles
- durables
- inventories
- careers
- obsolescence
- human capital
- output and effort
- unmeasured activity
- world human capital and effort
- saving and investment
- incomplete markets
- money
- inflation
- fixed and floating exchange rates
- the Great Depression
- evidence. Part 3: issues
- readings
- summary.
by "Nielsen BookData"