Title

Uniqueness of Equilibrium in the Multi-Country Ricardo Model

Document Type

Discussion Paper

Publication Date

7-1-2003

CFDP Number

1431

CFDP Pages

22

Abstract

We present two arguments, one based on index theory, demonstrating that the multi-country Ricardo model has a unique competitive equilibrium if the aggregate demand functions exhibit gross substitutability. The result is somewhat surprising because the assumption of gross substitutability is sufficient for uniqueness in a model of exchange but not, in general, when production is included in the model.

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