Knowledge that Transforms

This paper is devoted to the analysis of the dynamic behavior of a sequence of temporary equilibria. The model chosen is a generalization of Samuelson's pure consumption loan model as introduced by J. M. Grandmont and G. Laroque in [5]. Three main results are given. First there is an open and dense subset U of economies for which, near stationary equilibria and cycles, the dynamics take the standard form of an ordinary difference equation. Then conditions are obtained so that, for an economy E in U, stationary equilibria are locally asymptotically stable; these conditions are discussed in the case where there is only one good in addition to money. Last, it is proven that the qualitative behavior of trajectories of E near stationary equilibria and cycles is preserved under small perturbations; i.e., one has a property of local structural stability; this is true in particular with respect to changes in the individual expectations of the agents.

The following sections are included:INTRODUCTIONSTABILITY OF DISTRIBUTED LAG MODELS IN THE MORISHIMA CASECONCLUSIONS AND EXTENSIONSREFERENCES(This abstract was borrowed from another version of this item.)

[A general equilibrium trade model with more produced commodities than factors is specified under the assumption that industry production functions are homothetic. The main issue under consideration is that of local and global determinateness of the economy's production pattern. The paper also examines the impact of exogenous commodity price and endowment changes on output levels and factor returns.]

Le but de ce papier est d'etendre les resultats de W. Hildenbrand relatifs aux production economy quand a chaque coalition est associe un vecteur (dans un espace de parametres biens non-marchands) qui determine son ensemble de production. Si cette dependance est a rendements constants, l'ensemble des equilibres de Walras de l'&conomie est non vide et (si chaque agent a une influence negligeable) egal au noyau. Nous donnerons aussi une condition necessaire et suffisante pour que l'ensemble des equilibres de Walras soit non vide mais dans ce cas un exemple montre que nous ne pouvons esperer avoir de theoreme d'egalite.

[This paper is concerned with the estimation of a system of simultaneous linear differential equations that involves predetermined variables. The system is replaced by a discrete approximation that is most conveniently handled in the frequency domain. Our method of estimation is nonlinear least squares. We state conditions under which the estimators will have asymptotically desirable properties. The most notable of these is an aliasing condition on the predetermined variables.]

Silvey [10]. For a model with nonstochastic regressors we show that a systematic inequality relation exists among the test statistics; namely, the value of the Wald statistic is greater than or equal to that of the LR statistic which, in turn, is greater than or equal to that of the LM statistic. When the null hypothesis is true, we find that the Wald, LR, and LM test statistics have identical limiting chi-square distributions. Since for a large sample test the three procedures employ the same critical region, the inequality relation among the test statistics implies that there exists a significance level such that the tests will produce conflicting inferences. These results are parallel to those obtained by Berndt and Savin [2] in the context of a multivariate regression model with independent disturbance vectors. We also consider the Wald and LR tests for a model with a lagged dependent variable. In this case the Wald statistic is not the same as in the nonstochastic regressor case with the result that the inequality between the Wald and LR test statistics no longer holds. We conclude the paper with an empirical example which illustrates the relation among the test statistics.

[This paper investigates the justification for the competitive assumption that consumers will act as price takers by considering the utility gain an individual can achieve by manipulating price formation through the use of non-competitive behavior. Although announcing one's competitive demand is generally not a best replay against the excess demand of the rest of the economy, we show that, as the number of consumers becomes large, the gain any one can achieve acting monopolistically goes to zero if the increase in numbers comes through replication or if the sequence of economies converges to an economy at which the equilibrium price correspondence is continuous.]