To make high-quality research more accessible and easier to explore.

Fields:
2 results ✕ Clear filters

On Two Specifications of Asset Equilibrium in Macroeconomic Models: A Note

Willem H. Buiter; Geoffrey Woglom
Journal of Political Economy 1977 85(2), 395-400
[The continuous version of the end-of-period equilibrium specification is shown to exist when there is a sequence of temporary equilibria. This is also a sufficient condition for the continuous versions of the beginning-of-period and end-of-period specifications to be equivalent. This refutes Foley's contention that perfect foresight is a necessary condition for these results.]

On Two Specifications of Asset Equilibrium in Macroeconomic Models: A Note

Willem H. Buiter; Geoffrey Woglom
Journal of Political Economy 1977 85(2), 395-400
The continuous version of the end-of-period equilibrium specification is shown to exist when there is a sequence of temporary equilibria. This is also a sufficient condition for the continuous versions of the beginning-of-period and end-of-period specifications to be equivalent. This refutes Foley's contention that perfect foresight is a necessary condition for these results.