By Prof. Dr. Hanjiro Haga (auth.)
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Extra info for A Disequilibrium-Equilibrium Model with Money and Bonds: A Keynesian-Walrasian Synthesis
P~ and t J That is, there exist a maximum ex- pected price and a minimum expected price which are both positive. The proof will be established by a successive method. For example, the boundedness of L~(i=1,2, ••• , h) and L~,o(i=1,2, ... i)', making use of the boundedness of the positive expected prices, the lower boundedness of of B! and L~,n+l (i=1,2, Li and Li 2 2,0 D~(i=1,2, ••. 2. 2. By applying the same method i successively to each period after the 2nd period, the boundedness of Lt (t=3, 4, ••• , ,) and Li (t=3,4, ••• , ,-1) can be shown.
P. 15 above. 38 p k + k AkZ + p -k oY o Yo,o < o ,n+lYo,n+l 0 pk k + k < k + k Yl,o = Yo,n+l l,n+lYl,n+l Yo,o (3)' k=l,2, ••• , + max + + (p ~ kP t.. jEI k o,n+lYo,n+l' 0) < ,k-Z = A 0 -k . ) . P . (-k t.. Y . a) , 0) k=l,2, ••• , 2. \1. \1. Construction of Individual Demand or Supply Functions Before investigating the market equilibrium, we must consider the subjective equilibrium. functions. That is, we must construct each individual's demand and supply First, we will construct each individual's ex ante demand and supply 39 functions using household's and firm's modified choice sets which are obtained by restricting the original choice sets.
Y~ is a vector of the quantities of real goods other than bonds and money stock.
A Disequilibrium-Equilibrium Model with Money and Bonds: A Keynesian-Walrasian Synthesis by Prof. Dr. Hanjiro Haga (auth.)