Determinacy of Equilibrium in Infinite Horizon Economics: A Perspective
Language: English
Published by Forgotten Books, 2018
- Softcover
- New
Seller: Forgotten Books, London, United KingdomForgotten Books
AbeBooks seller since June 2, 2021
Condition: New
US$ 17.37
Quantity: Over 20 available
Add to basketItem description from seller
Print on Demand. This book delves into the complex world of economic models and market equilibrium, addressing a fundamental issue of indeterminacy in the outcomes of these models. The author, an established expert in the field, provides an accessible and comprehensive analysis of the work of Muller and Woodford, whose research laid bare the potential for a wide range of equilibrium outcomes even within precisely defined economic models. The book highlights the significance of this indeterminacy, as it can render comparative statics—a crucial tool for understanding the effects of parameter changes on equilibrium values—impossible. By examining the work of Muller and Woodford, encompassing both stationary overlapping generations models with production and infinite-lived agents, the author provides valuable insights into the conditions under which indeterminacy may arise. This detailed analysis is situated within the broader context of the overlapping generations literature, optimal growth literature, and macroeconomic theory, demonstrating the relevance of Muller and Woodford's findings to a wide range of economic inquiry. The author skillfully presents complex concepts with clarity, guiding readers through the technicalities to grasp the essence of indeterminacy and its implications for economic modeling. The book concludes by emphasizing the importance of addressing indeterminacy in economic models, as it can significantly impact the reliability and effectiveness of these models in policy-making and economic analysis. By shedding light on the conditions that lead to indeterminacy and exploring potential solutions, this book is a valuable resource for economists, researchers, and anyone seeking to understand the complexities of economic equilibrium. This book is a reproduction of an important historical work, digitally reconstructed using state-of-the-art technology to preserve the original format. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in the book.…
Seller Inventory # 9781330689714_0
- Title
- Determinacy of Equilibrium in Infinite Horizon Economics: A Perspective
- Author
- Walter J. Muller
- Publisher
- Forgotten Books
- Publication year
- 2018
- Condition
- New
- Book Type
- print-on-demand item
- Binding
- Paperback
- Language
- English
- ISBN 10
- 1330689712
- ISBN 13
- 9781330689714
- Seller catalogs
- Economics
This work traces the development of indeterminacy from early overlapping generations models to more general infinite-horizon frameworks with production, money, and multiple generations. It relates classic results to contemporary questions in rational expectations and growth theory, and points to directions for future research.
- Explains how indeterminacy can arise in infinite-horizon economies and why it matters for analysis and policy.
- Connects production, money, and agent lifetimes to stability and the possibility of multiple equilibria.
- Shows how different approaches—from perfect foresight to rational expectations—shape conclusions about equilibrium paths.
- Highlights key results and open questions, with guidance on how new assumptions affect determinacy.
Ideal for readers of macroeconomics and growth theory who want a structured view of how equilibrium findings evolved and where they may lead next.
"Synopsis" may belong to another edition of this title.
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Forgotten Books’ Classic Reprint Series utilizes the latest technology to regenerate facsimiles of historically important writings. Careful attention has been made to accurately preserve the original format of each page whilst digitally enhancing the quality of the aged text.
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