Tatonnement and Price Setting in General Equilibrium

Iván Werning and Guido Lorenzoni ()

No 35205, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: A foundational question in General Equilibrium theory—when is an equilibrium stable?—has remained largely unresolved for over 150 years despite important contributions. This paper proposes a resolution.

JEL-codes: D50 (search for similar items in EconPapers)
Date: 2026-05
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