Generic properties of the core and equilibria of pure exchange economies

Keynesian economics is not dead. Instead, it is in a similar condition to Sleeping Beauty after she pricked her finger on the spindle. A large hedge of thorns has been laid over the original Keynesian building so that it is hardly recognizable today. Keynesian economics has suffered from a failure to sufficiently identify the core of the Keynesian revolution. This paper argues that the core concerns the distinction between real and monetary exchange economies, and that a proper understanding of money's role requires identifying the mechanisms of the financial system. Doing so reveals the fundamental incompatibility between real and monetary analysis.

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Exploring multiple equilibria for symmetric 2 × 2 CES/LES pure exchange economies

Applied Mathematics-A Journal of Chinese Universities ◽

10.1007/s11766-010-2422-7 ◽

2010 ◽

Vol 25 (2) ◽

pp. 137-154 ◽

Cited By ~ 1

Author(s):

Xiao-jun Shi ◽

Shun-ming Zhang

Keyword(s):

Multiple Equilibria ◽

Exchange Economies ◽

Pure Exchange

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Extension of a theorem of Smale on equilibria for pure exchange economies

Journal of Mathematical Economics ◽

10.1016/0304-4068(78)90013-7 ◽

1978 ◽

Vol 5 (3) ◽

pp. 245-253 ◽

Cited By ~ 1

Author(s):

J.H. Van Geldrop

Keyword(s):

Exchange Economies ◽

Pure Exchange

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Constructing Examples with 5 Equilibria for Symmetric 3 × 2 Ces / Les Pure Exchange Economies

Acta Mathematica Scientia ◽

10.1016/s0252-9602(12)60189-1 ◽

2012 ◽

Vol 32 (6) ◽

pp. 2411-2430

Author(s):

Huang Hui ◽

Shi Xiaojun ◽

Zhang Shunming

Keyword(s):

Exchange Economies ◽

Pure Exchange

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PROPOSITIONS OF FIVE EQUILIBRIA EXAMPLES FOR 3×2 CES/LES PURE EXCHANGE ECONOMIES

International Journal of Information Technology & Decision Making ◽

10.1142/s0219622004001264 ◽

2004 ◽

Vol 03 (04) ◽

pp. 583-604

Author(s):

HUI HUANG ◽

SHUNMING ZHANG

Keyword(s):

Parameter Space ◽

Large Range ◽

Exchange Economy ◽

Exchange Economies ◽

Numerical Examples ◽

Pure Exchange ◽

Pure Exchange Economy ◽

Number Of Equilibria

This paper reports numerical examples for a 3 individual 2 good CES/LES pure exchange economy in which 5 equilibria exist. We explore the size of the regions of the parameter space for which 5 equilibria persist, and show these ranges to be very small in each parameter. Other features of the equilibrium manifolds are examined. The number of equilibria can jump from 5 to 3 to 1, or even from 5 to 1. We also find changes of (Kehoe) equilibrium indices from -1 to +1 or from +1 to -1. Then, we provide parameter changes simultaneously in a large range that preserve given 5 equilibria.

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