Download A Disequilibrium-Equilibrium Model with Money and Bonds: A by Prof. Dr. Hanjiro Haga (auth.) PDF

By Prof. Dr. Hanjiro Haga (auth.)

ISBN-10: 3540079920

ISBN-13: 9783540079927

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Extra resources for A Disequilibrium-Equilibrium Model with Money and Bonds: A Keynesian-Walrasian Synthesis

Sample text

48. 4. 49. n+l is either zero or positive. Hence. in the normal case where a) and b) are satisfied. the plausibility of t~ese inequalities will be clear. The plausibility of a nonnegative bond price. which is the reciprocal of one plus the interest rate. will also be evident. 3 The expected prices of goods (including labour and bonds) pi . and pk . •• , n+l) depend on t,J t,J the prices of goods (including labour and bonds) and money stock in the O-th period. pi . (P ] 0, I'P 0, 2' -k Po,n+l'Yo,o) pk .

For example, the boundedness of L~(i=1,2, ••• , h) and L~,o(i=1,2, ... i)', making use of the boundedness of the positive expected prices, the lower boundedness of of B! and L~,n+l (i=1,2, Li and Li 2 2,0 D~(i=1,2, ••. 2. 2. By applying the same method i successively to each period after the 2nd period, the boundedness of Lt (t=3, 4, ••• , ,) and Li (t=3,4, ••• , ,-1) can be shown. B3 t,o ness of L~(i=h+l,h+2, ••• , ~; t=l,2, ••• , ,) and Lit Similarly, the bounded- ,0 (i=h+l,h+2, ... ii)", making use of the boundedness B3.

3 For every household i and firm k, k k and ~ ~ Yt,n+l - Yt+l,n+l <~, ficiently large real number number ~ such that ~ < x~,n+l - x~+l,n+l < ~, t=O,I, ... , T-2, for a sufand a sufficiently small real ~ < 00 and ~ ~ > - 00. That is, each period's demand or supply from the household and the firm itself can be infinitely large (00 or - 00);9but the increment of demand or supply between two successive periods is not infinite. 4 The bond reaches maturity in one period and it is settled in the next period.

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