The Long-run Behaviour of the Patinkin Model.
In this paper I present conditions under which the long run stock equilibrium in Patinkin's general equilibrium model exists, is unique and is globally stable. These conditions are basically that all goods are weak gross substitutes and noninferior The model is developed in Patinkin (1965); Archibal...
| Publicado en: | Economica Vol. 42; no. 167; pp. 292 - 298 |
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| Formato: | Artículo |
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Wiley-Blackwell
Aug75
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=4518258&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 4518258 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00130427 ECA jtl: Economica issn: 00130427 maglogo: Y pubinfo: dt: Aug75 vid: 42 iid: 167 pid: 480 pub: Wiley-Blackwell artinfo: ui: 4518258 10.2307/2553825 ppf: 292 ppct: 6 formats: tig: atl: The Long-run Behaviour of the Patinkin Model. aug: au: Kuska, Edward A. affil: London School of Economics su: Economic equilibrium Economics Economic models Economic policy Economic demand Demand function Neoclassical school of economics Patinkin, D. sug: subj: Economic equilibrium Economics Economic models Economic policy Economic demand Demand function Neoclassical school of economics Patinkin, D. ab: In this paper I present conditions under which the long run stock equilibrium in Patinkin's general equilibrium model exists, is unique and is globally stable. These conditions are basically that all goods are weak gross substitutes and noninferior The model is developed in Patinkin (1965); Archibald and Lipsey (1958) were, I think, the first writers to study its long run properties. The demonstration of the proposition is a straightforward application of Morishima's (1964) generalizations of the Perron-Frobenius theorems. <BR> Actually, the analysis applies to a somewhat wider class of models than Patinkin's, since the properties of his model which we use are those concerning the homogeneity of the demand and excess demand functions. It is clear that these properties will be true of other money models as well. <BR> I make no particular defense of this model against, for example, the criticisms of Hahn (1965) and Clower (1967). However, the properties of it that I use are standard assumptions in expositions of neoclassical monetary theory (see also Friedman, 1969, and Samuelson, 1968). For that reason alone it seems worthwhile to investigate its long run behavior since it is only in the long run that the principal results of that theory hold. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y dt: @attributes: year: 1975 holdings: @attributes: islocal: N |
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