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Existence and Uniqueness of Equilibrium in Distorted Dynamic Economies with Capital and LaborManjira DattaArizona State University - Department of Economics Leonard J. MirmanUniversity of Virginia - Department of Economics Kevin ReffettArizona State University - Department of Economics July 2000 Abstract: In this paper, we provide a set of sufficient conditions under which recursive competitive equilibrium exist and are unique for a large class of distorted dynamic equilibrium models with capital and elastic labor supply. We develop a monotone map approach to the problem. The class of economies for which we are able to obtain our existence result is apparently considerably larger than those considered in previous work. Additionally unlike previous work, we are able to also prove that this equilibrium is unique. We conclude by applying the new results to some important examples of monetary economies often used in applied work.
Number of Pages in PDF File: 38 JEL Classification: C62, D51, D90, E10 working papers seriesDate posted: September 8, 2000Suggested CitationContact Information
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