This paper introduces two new boundary conditions that ensure the existence of a Walrasian equilibrium in monetary economies violating Walras’ Law and homogeneity of degree zero of the excess demand function on the good markets. The two conditions are more general than those adopted by the existing literature. The existence of a Walrasian equilibrium with free disposal is also considered. As a byproduct of our analysis, a refinement of the celebrated Uzawa’s equivalence Theorem and extensions of the Hartman–Stampacchia and Poincaré–Miranda Theorems are also provided.

Walrasian equilibrium without homogeneity and Walras’ Law

Antonio D'Agata
2022-01-01

Abstract

This paper introduces two new boundary conditions that ensure the existence of a Walrasian equilibrium in monetary economies violating Walras’ Law and homogeneity of degree zero of the excess demand function on the good markets. The two conditions are more general than those adopted by the existing literature. The existence of a Walrasian equilibrium with free disposal is also considered. As a byproduct of our analysis, a refinement of the celebrated Uzawa’s equivalence Theorem and extensions of the Hartman–Stampacchia and Poincaré–Miranda Theorems are also provided.
Walrasian equilibrium, Homogeneity of degree zero, Walras’ law, Uzawa’s equivalence theorem, Hartman–Stampacchia theorem, Poincaré–Miranda theorem
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/20.500.11769/546222
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