A Disequilibrium-Equilibrium Model with Money and Bonds: A by Prof. Dr. Hanjiro Haga (auth.)

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, 1st Edition

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K 0< Ko,q ;; 1 and 0 < Ko,q ;; 1 for every q-th good which the k-th firm holds as initial holding at the beginning of the O-th period, k=1,2, ••. 7 There exists at least one firm k such that Kk . 0,] o < ~k . < 1 for every O,J E Ik and 0 < Kk . < 1 for every O,J 30. and pp. 13-14. 31. i i k -k The values of Kt,j,Kt,j,Kt,j etc. 6. 32. The q may be different for each household and firm. 33. This means that due to the "output lag", the output appears near the end of the period, and consequently, the cash revenue from the sale of this output cannot be used for buying goods within the same period.

A)'. i) , i 0, xt,l < = t=O,l. i=1,2. , ... U) , O. I ..... h+2 ••••• ~. However. ii)'. which have already been rewritten. must again be rewritten as follows:. U)' , i + P 0 i i ~. k O. I ..... ii)" ~. is that. 52 this term is. in general. not single-valued for PES; and that this set S is ultimately adopted in the existence proof. On the other hand. k is P yk by defi0 0 k nition and yo is to be originally determined by each firm's maximization behaviour. independently of each rentier's maximization behaviour.

Cf. pp. 19-20 above. 57. The reason we first construct modified functions by restricting choice sets (preference fields or the set of production processes) is that we wish to ensure the existence of a maximum value for each household's utility and for each firm's "present value". Furthermore we wish to ensure the upper semi-continuity of demand or supply functions. In the last stage, by taking up original, or nonmodified functions, we will justify our procedure of restricting choice sets. 42 solutions (7) of (6).

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