Existence and Uniqueness of Equilibrium in Distorted Dynamic Economies with Capital and Labor

Manjira Datta, Leonard Mirman and Kevin Reffett

Working Papers from Department of Economics, W. P. Carey School of Business, Arizona State University

Abstract: In this paper, we provide a set of sufficient conditions under which recursive competitive equilibrium exist and are unique for a large class of distorted dynamic equilibrium models with capital and elastic labor supply. We develop a monotone map approach to the problem. The class of economies for which we are able to obtain our existence result is apparently considerably larger than those considered in previous work. Additionally unlike previous work, we are able to also prove that this equilibrium is unique. We conclude by applying the new results to some important examples of monetary economies often used in applied work.

JEL-codes: C62 D51 D90 E10 (search for similar items in EconPapers)
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Journal Article: Existence and Uniqueness of Equilibrium in Distorted Dynamic Economies with Capital and Labor (2002)
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