Equilibrium

Résumé du film Équilibrium Équilibrium se passe dans la cité de Libria où tous les sentiments humains et les sensations sont supprimés de l’esprit des gens grâce à un produit que l’on doit s’injecter à tous les jours, le Prozium. Dans les années 2070, dans la citadelle de Libria, les émotions n'existent plus, supprimées par l'absorption quotidienne de Prozium. Cette drogue anti-anxiété rend les gens plus heureux et plus productifs. Les individus ont ainsi accepté de mettre de côté leur liberté

No 2005 – 01 January Real Equilibrium Exchange Rate in China _____________ Virginie Coudert Cécile Couharde Real Equilibrium Exchange Rate in China _____________ Virginie Coudert Cécile Couharde No 2005 – 01 January Real Equilibrium Exchange Rate in China TABLE OF CONTENTS REAL EQUILIBRIUM EXCHANGE RATE IN CHINA SUMMARY ...............................................................................................................................4 ABSTRACT ..............

macro models in which central bank policy has real effects on the supply. side of the economy due to credit rationing. In each model, there are two possible regimes, depending on whether credit is or is not rationed. Starting from an unrationed equilibrium, either a large enough contraction of bank reserves or a large enough rise in aggregate demand can lead to rationing. Monetary (fiscal) policy is shown to be more (less) powerful when there is rationing than when there is not. In the first model

Perfect Bayesian Equilibrium and Sequential Equilibrium Maria Saez Marti Extensive form games revisited. Example 1 N 0.5 out 1 0.5 out 1 1 in in 2 L 2 0 R 0 1 L 2 2 R 0 0 In this example 2 can not have arbitrary beliefs. Since the game is common knowledge, he has to believe that he is in each of the nodes with the same probability: 1/2. (Out,R) is not a credible equilibrium. Let us substitute now Nature by player 3. Example 2: (b,out,R) is Nash, is subgame

a higher private margin on the gambling asset than on the prudent asset because, when the bank gambles, it will forfeit its franchise value should the gamble fail. 4 It should now be clear why it is impossible to have a Pareto efficient equilibrium where banks freely determine deposit rates and depositors enjoy deposit insurance. Consider the incentives of a bank where all of its competitors are choosing to offer the Pareto efficient deposit rate. If this bank offered the same deposit rate

circle in motion: the equilibrium on the labor market is attained. This situation is quite “natural” so state intervention might hamper this balance: in other words unemployment can occur. If Say’s Law is satisfied, the only type of unemployment that can exist is the voluntary one (unemployment that results from the refuse of workers to accept the equilibrium wage). By creating minimum wages policy or tax income, state intervention can encourage workers to refuse the equilibrium wage and make them be

[pic] Price equilibrium Price equilibrium is found where supply and demand are equal. This is the point where both sellers and buyers are happy with the price and quantity. EXAMPLE 1 [pic] In the example above equilibrium price is £0.35 and 250 mars bars would be demanded at this price. - If price was £0.40 demand would be less than supply and the market wouldn’t be in equilibrium - If the price was £0.20, demand would be greater than supply and the market wouldn’t be in equilibrium WHEN PRICE

the unit labor requirement for the production of good j (j = 1, 2) = quantity of labor that is required for the production of this good ⇒ 1/aj is the production per worker (productivity) ⇒ marginal cost = wages × unit labor requirement II.a. Equilibrium in autarky Production : qj = (1/aj )Lj j = 1, 2 (1/aj ) = Aj = productivity of labor (sector j). All workers are employed in the production of the two goods (no unemployment) : L1 + L2 = L ⇔ q1 a1 + q2 a2 = L We obtain the frontier of the production

above the market-clearing level, and not to adjust to the equilibrium wage where labor supply equals labor demand. To examine the effects of the real wage rigidity, we must consider that the labor market is subject to the forces of supply and demand. Workers determine the supply of labor, and firms determine the demand[5]. [pic] This figure shows when wage are rigid there is unemployment. The rigid real wage is superior to the equilibrium wage, and therefore the quantity of labors supplied exceeds

Bank of Minneapolis University of Minnesota, Minneapolis, MN 5545.5, USA. Restrictions that a class of general equilibrium models place upon the average returns of equity and Treasury bills are found to be strongly violated by the U.S. data in the 1889-1978 period. This result is robust to model specification and measurement problems. We conclude that, most likely, an equilibrium model which is not an Arrow-Debreu economy will be the one that Simultaneously rationalizes both historically observed