A Fixed-Point Theory of Price Level Determination in General Equilibrium

Baruch Gliksberg ()
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Baruch Gliksberg: Department of Economics, University of Haifa

No WP2014/3, Working Papers from University of Haifa, Department of Economics

Abstract: This paper offers a fi xed-point approach to the issue of price level determination in general equilibrium. It arrives at a solution method for rational expectations models with missing initial conditions for financial wealth. The paper emphasizes the calculation of an equilibrium initial valuation for government debt via a Krasnoselski-Mann-Bailey theorem. The analysis is performed from a global analysis perspective. Abstracting from policies that bring about zero eigen-values permits us to draw conclusions about global dynamics. This approach builds on the Hartman-Grobman Theorem and implies no loss of generality.

Keywords: Boundary Value Problems; Distorting Taxes; General Equilibrium; Global Determinacy; Krasnoselski-Mann-Bailey theorem (search for similar items in EconPapers)
JEL-codes: C62 C68 E60 H30 H60 (search for similar items in EconPapers)
Pages: 41
New Economics Papers: this item is included in nep-dge, nep-mac and nep-mic
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