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- Yves Balasko, Karl Shell
- 2003

Government debt instruments (e.g., money and government bonds) serve many functions in the private sector. They can be stores of value, vehicles for the payment of taxes, media for transactions, and so forth. Their roles vary from economy to economy depending upon institutions and conventions. One of the roles, however, is basic to all others: if aâ€¦ (More)

- Yves Balasko, David
- 2003

In the companion paper [2], Balasko and Shell establish existence of competitive equilibrium for a pure-distribution, overlapping-generations economy without money (see, especially, Propositions (3.10) and (3.11) in Section 3). That argument is remarkably simple, but depends critically on some strong hypotheses concerning individual tastes and endowments.â€¦ (More)

- Yves Balasko
- 1988

We investigate the structure of competitive quilibria in an exchange economy parametrized by (i) endowments and (ii) restrictions on market participation. For arbitrary regular endowments, if few consumers are restricted, there are no sunspot equilibria. If endowments are allowed to vary, while restrictions on market participation are fixed, there is aâ€¦ (More)

A market is liquid if no individualâ€™s actions have a big effect on the prices of goods traded in that market. Perfectly competitive markets are therefore perfectly liquid. It is well known that market liquidity can be achieved by increasing the number of traders so that individual trades are small compared to total trades. We show that even when there areâ€¦ (More)

- Yves Balasko
- 2000

In a two-period pure exchange economy with financial assets, a temporary financial equilibrium is an equilibrium of the current spot and security markets given forecasts of future prices and returns. The temporary equilibrium model can then be interpreted as a Walrasian model where preferences depend on prices. This idenfication implies, among otherâ€¦ (More)

- Yves Balasko
- 2009

- Yves Balasko
- J. Economic Theory
- 2003

With the exception of existence, not much is known of economies where individual preferences may depend on prices. We show that the main properties of competitive equilibria that fall under the general heading of qualitative comparative statics remain true when preferences are price dependent, provided that the total resources are allowed to vary in theâ€¦ (More)

It is shown that the property that the equilibrium manifold keeps the memory of the individual demand functions holds true if every individual demand function satisfies the following three properties: 1) It is a function of commodity prices and of consumerâ€™s income; 2) Consumption belongs to the nonnegative orthant of the commodity space; 3) Walras law.â€¦ (More)

- Yves Balasko, Karl Shell
- 2003

Existence of competitive equilibria in the overlapping-generations model has been studied in some detail; see [4-6,9]. We need to know more about the properties of these equilibria. How many are there? How do they depend on the basic parameters of the economy? We also need to compare the set of monetary competitive equilibria with the set of nonmonetaryâ€¦ (More)

- Yves Balasko, Mich Tvede
- 2003

We show that the compatibility of individual preferences with equilibrium data sets consisting of finite numbers of observations of the price vector, individual incomes and aggregate demand, amounts to finding whether some set of linear inequalities has a solution. This characterization is then applied to the study of topological properties of equilibriumâ€¦ (More)