Temporary Equilibrium

Jean-Michel Grandmont ()

No 2006-27, Working Papers from Center for Research in Economics and Statistics

Abstract: This is the revised entry "Temporary equilibrium", forthcoming in the newedition of The New Palgrave, Lawrence Blume and Steve Durlaub (Eds.), PalgraveMc Millan, 2007. The entry surveys the developments of temporary generalequilibrium theory and its contributions to a better understanding of themicroeconomic foundations of macroeconomics, in particular to the analysis ofmonetary phenomena, non-clearing markets, imperfect competition and thefoundations of Keynesian unemployment, as well as the study of economic dynamicsand (in)stability of self-fulfilling expectations under various learning schemes, inrelation in particular with "excess volatility" of financial markets.

Pages: 10
Date: 2006
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