On Aggregate Demand in a Measure Space of Agents

1992 ◽  
pp. 243-248 ◽  
Author(s):  
Andreu Mas-Colell
Keyword(s):  
Measure Space ◽  
Aggregate Demand ◽  
Measure Space Of Agents

scholarly journals Walrasian equilibrium theory with and without free-disposal: theorems and counterexamples in an infinite-agent context

2021 ◽  
Author(s):  
Robert M. Anderson ◽  
Haosui Duanmu ◽  
M. Ali Khan ◽  
Metin Uyanik
Keyword(s):  
Recent Work ◽  
Measure Space ◽  
Equilibrium Theory ◽  
Walrasian Equilibrium ◽  
Free Disposal ◽  
Trade Offs ◽  
Finite Set ◽  
Abstract Economies ◽  
Measure Space Of Agents

AbstractThis paper provides four theorems on the existence of a free-disposal equilibrium in a Walrasian economy: the first with an arbitrary set of agents with compact consumption sets, the next highlighting the trade-offs involved in the relaxation of the compactness assumption, and the last two with a countable set of agents endowed with a weighting structure. The results generalize theorems in the antecedent literature pioneered by Shafer–Sonnenschein in 1975, and currently in the form taken in He–Yannelis 2016. The paper also provides counterexamples to the existence of non-free-disposal equilibrium in cases of both a countable set of agents and an atomless measure space of agents. One of the examples is related to one Chiaki Hara presented in 2005. The examples are of interest because they satisfy all the hypotheses of Shafer’s 1976 result on the existence of a non-free-disposal equilibrium, except for the assumption of a finite set of agents. The work builds on recent work of the authors on abstract economies, and contributes to the ongoing discussion on the modelling of “large” societies.

scholarly journals A Bayesian Abstract Economy with a Measure Space of Agents

2009 ◽  
Vol 2009 ◽  
pp. 1-11 ◽  
Author(s):  
Monica Patriche
Keyword(s):  
Asymmetric Information ◽  
Utility Function ◽  
Measure Space ◽  
Existence Results ◽  
Random Utility ◽  
Equilibrium Existence ◽  
Abstract Economy ◽  
Measure Space Of Agents

We define the model of an abstract economy with differential (asymmetric) information and a measure space of agents. We generalize N. C. Yannelis's result (2007), considering that each agent is characterised by a random preference correspondence instead of having a random utility function. We establish two different equilibrium existence results.

Economic effects of monetary policy in Russia: What do large datasets tell us?

2020 ◽  
pp. 31-53 ◽  
Author(s):  
Anna A. Pestova ◽  
Natalia A. Rostova
Keyword(s):  
Monetary Policy ◽  
Interest Rate ◽  
Interest Rates ◽  
Economic Activity ◽  
Global Financial Crisis ◽  
Exchange Rate Regime ◽  
Aggregate Demand ◽  
Economic Effects ◽  
Theoretical Concepts ◽  
Empirical Estimates

Is the Bank of Russia able to control inflation and, at the same time, manage aggregate demand using its interest rate instruments? In other words, are empirical estimates of the effects of monetary policy in Russia consistent with the theoretical concepts and experience of advanced economies? This paper is aimed at addressing these issues. Unlike previous research, we employ “big data” — a large dataset of macroeconomic and financial data — to estimate the effects of monetary policy in Russia. We focus exclusively on the period after the 2008—2009 global financial crisis when the Bank of Russia announced the abandoning of its fixed ruble exchange rate regime and started to gradually transit to an interest rate management. Our estimation results do not confirm standard responses of key economic activity and price variables to tightening of monetary policy. Specifically, our estimates do not reveal a statistically significant restraining effect of the Bank of Russia’s policy of high interest rates on inflation in recent years. At the same time, we find a significant deteriorating effect of the monetary tightening on economic activity indicators: according to our conservative estimates, each of the key rate increases occurred in March and December 2014 had led to a decrease in the industrial production index by about 0.2 percentage points within a year.

Inclusive Growth with Zakat

2015 ◽  
Vol 54 (4I-II) ◽  
pp. 997-1010
Author(s):  
Muhammad Mazhar Iqbal
Keyword(s):  
Economic Growth ◽  
Aggregate Demand ◽  
Economic Consequences ◽  
Poor People ◽  
Kuznets Curve ◽  
Inclusive Growth ◽  
Marginal Productivity ◽  
The Social

Zakat is an annual religious levy that is collected from rich Muslims and its proceeds are disbursed among poor people of the society. It has many spiritual and social merits. For example, it purifies the hearts of zakat-givers as they give away a part of their wealth, one of the most precious things in their lives, seeking the pleasure of God without requiring any worldly gains whatsoever. It bridges the social gap between „haves‟ and „have-nots.‟ This study analyses, however, only economic consequences of Zakat for economic growth. They cannot be appreciated duly unless one understands the following concepts of modern economics; various theories of consumption, aggregate demand, stagnation thesis, consumption puzzle, marginal productivity of capital and Kuznets curve.

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