Stable Disequilibrium Prices: Macroeconomics and Increasing Returns I

Geoffrey Heal

No 650, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: The paper establishes conditions for the existence of a set of prices which are stable and at which markets do not clear, providing a rigorous foundation for the existence of fixed-price equilibria via the macroeconomics of increasing returns. It analyzes a Walrasian price adjustment process for a general equilibrium economy with economies of scale in production.

Pages: 22 pages
Date: 1982-11
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