Equilibria in distorted infinite-horizon economies with capital and labor
This paper studies a broad class of infinite-horizon economies that are subject to externalities, taxes, or other distortions. These economies are formulated in discrete time, are subject to uncertainty, and consist of households that accumulate capital and elastically supply labor. For this class of economies, methods are developed for proving the existence of an equilibrium, for characterizing an equilibrium, and for verifying, at a computational level, that an equilibrium is unique. Some applications of these methods to real and monetary economies are discussed.Journal of Economic LiteratureClassification Numbers: C6, E6. © 1997 Academic Press.
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