This paper surveys some recent studies of economies where trading takes place sequentially over time, and where each agent makes decisions at every date in the light of his expectations about his future environment, which are functions of his information on the present and past states of the economy. The paper reviews particularly the issues raised by arbitrage in capital markets, by the consideration of money and banking activities, and by the introduction of production in temporary competitive equilibrium models. A thorough investigation of the logic of temporary equilibrium models with quantity rationing is also offered, as well as a quick review of the study of stochastic processes of temporary equilibria.

This paper attemps to identify, in a framework deliberately stripped of unnecessary technical- ities, some of the basic reasons why adaptive learning may or may not lead to stability and convergence to self-fulfilling expectations in large socioeconomic systems where no agent, or collection of agents, can act to manipulate macroeconomic outcomes. It is shown that if agents are somewhat uncertain about the local stability of the system, and are accordingly ready to extrapolate a large range of regularities (trends) that may show up in past small deviations from equilibrium, including divergent ones, the learning dynamics is locally divergent. On the other hand, if agents are fairly sure of the local stability of the system, and extrapolate only convergent trends out of small past deviations from equilibrium, one may get local stability. This “uncertainty principle” does show up in a wide variety of contexts: smooth or discontin- uous, finite or infinite memory learning rules, error learning, recursive least squares, Bayesian learning.

Cet article donne des conditions suffisantes pour que la matrice Jacobienne de la demande concurrentielle agrge soit dfinie ngative.Cette proprit forte implique en particulier que l'axiome faible de la prfrence rvle est satisfait par la demande agrge, et que la demande totale pour chaque bien augmente lorsque son prix dc1'0 i t.Ces cond i tians suffisantes portent sur la distribution des prfrences et sont indpendantes de la distribution des revenus.L'approche repose sur la.notion de transformation homothtique d'une relatiof\de prfrence.On discute galement la porte pour ce type de problme de la notion de transformation affine d'une prfrence, qui introduit une structure algbrique intressante sur l'espace des prfrences.On montre galement comment le rsultat est li celui obenu par W. Hildenbrand (Econometrica (1983)) en posant des restrictions sur la distribution des revenus.

This paper develops an example in which persistent deterministic business cycles appear in a purely endogenous fashion under fal.,).,~e~ oaÂ.Jte.These cycles are not attributable to exogenous 11 shocks 11 nor toThis procedure defines a function W that takes the interior of JR! into ~ itself, and it is clear that the equation qt = W(qt_ 1 ) describes the same dynamics as (2.4) through the relation qt-l = (pt-1' ... ,pt-T) for all t .1 We may in particular state for later reference LEMMA 2.2.AMu.me.(1.a),(1.c.) and (2,6).Let (pt) be. a pwocüc.1.ie.que.nc.e.06 pOJ.ii- tive.ptiic.uwilh pwod k and fe.t (pi,,.,p;)be.i:t6 onbil.Let UJ.i de.0 ine.

Journal Article On the Efficiency of a Monetary Equilibrium Get access Jean-Michel Grandmont, Jean-Michel Grandmont CEPREMAP, Paris Search for other works by this author on: Oxford Academic Google Scholar Yves Younes Yves Younes CEPREMAP, Paris Search for other works by this author on: Oxford Academic Google Scholar The Review of Economic Studies, Volume 40, Issue 2, April 1973, Pages 149–165, https://doi.org/10.2307/2296645 Published: 01 April 1973

Jean-Michel Grandmont, Yves Younes; On the Role of Money and the Existence of a Monetary Equilibrium12, The Review of Economic Studies, Volume 39, Issue 3,

Jean-Michel Grandmont, Guy Laroque; On Temporary Keynesian Equilibria, The Review of Economic Studies, Volume 43, Issue 1, 1 February 1976, Pages 53–67, ht

Jean-Michel Grandmont, Guy Laroque; On Money and Banking12, The Review of Economic Studies, Volume 42, Issue 2, 1 April 1975, Pages 207–236, https://doi.or