Steady-State Equilibrium

Ichiro Takahashi
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Ichiro Takahashi: Chuo University

Chapter Chapter 4 in An Artificial Wicksell—Keynes Macroeconomy, 2021, pp 63-75 from Springer

Abstract: Abstract This chapter considers the non-stochastic, Walrasian version of AWK model. We examine its steady-state equilibrium, from which every subsequent simulation runs. Section 4.1 discusses two advantages of using the equilibrium as the default starting point. Section 4.2 shows the existence of a unique steady-state equilibrium and Sect. 4.3 characterizes its properties. Section 4.4 discusses two stochastic elements that perturb the artificial Wicksell–Keynes economy.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-16-6839-5_4

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DOI: 10.1007/978-981-16-6839-5_4

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