Comment on 'Competitive Equilibria of Economies with a Continuum of Consumers and Aggregate Shocks' by J. Miao

1 Pages Posted: 1 Aug 2016

Date Written: July 27, 2016

Abstract

The paper "Competitive equilibria of economies with a continuum of consumers and aggregate shocks" by J. Miao provides an in-depth analysis of dynamic models of the economy with a continuum of agents and aggregate productivity shocks. In Section 3 the existence of a sequential competitive equilibrium is derived by applying the Brouwer -- Schauder -- Tychonoff fixed point theorem. But unfortunately, there are two non-trivial problems in the proof.

Keywords: Competitive equilibrium, heterogenous agent models

JEL Classification: C62, D52, E20

Suggested Citation

Cheridito, Patrick and Sagredo, Juan, Comment on 'Competitive Equilibria of Economies with a Continuum of Consumers and Aggregate Shocks' by J. Miao (July 27, 2016). Available at SSRN: https://ssrn.com/abstract=2815971 or http://dx.doi.org/10.2139/ssrn.2815971

Patrick Cheridito (Contact Author)

ETH Zurich ( email )

Department of Mathematics
8092 Zurich
Switzerland

Juan Sagredo

Princeton University ( email )

22 Chambers Street
Princeton, NJ 08544-0708
United States

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