Title

Stable Disequilibrium Prices: Macroeconomics and Increasing Returns I

Document Type

Discussion Paper

Publication Date

11-1-1982

CFDP Number

650

CFDP Pages

22

Abstract

The paper establishes conditions for the existence of a set of prices which are stable and at which markets do not clear, providing a rigorous foundation for the existence of fixed-price equilibria via the macroeconomics of increasing returns. It analyzes a Walrasian price adjustment process for a general equilibrium economy with economies of scale in production.

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