Publication: Non-parametric counterfactual analysis in dynamic general equilibrium
Non-parametric counterfactual analysis in dynamic general equilibrium
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Kubler, F., & Schmedders, K. (2010). Non-parametric counterfactual analysis in dynamic general equilibrium. Economic Theory, 45(1–2), 181–200. https://doi.org/10.1007/s00199-009-0475-8
Abstract
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In this paper, we examine non-parametric restrictions on counterfactual analysis in a dynamic stochastic general equilibrium model. Under the assumption of time-separable expected utility and complete markets all equilibria in this model are stationary. The Arrow-Debreu prices uniquely reveal the probabilities and discount factor. The equilibrium correspondence, defined as the map from endowments to stationary (probability-free) state prices, is identical to the equilibrium correspondence in a standard Arrow-Debreu exchange economy wi
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- Schmedders, Karl
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Citations
Kubler, F., & Schmedders, K. (2010). Non-parametric counterfactual analysis in dynamic general equilibrium. Economic Theory, 45(1–2), 181–200. https://doi.org/10.1007/s00199-009-0475-8
