Econ Papers Daily / 期刊论文
抵押约束下开放经济体的动态互补性与多重均衡
Dynamic complementarities and multiple equilibria in open economies with collateral constraints
摘要
Using constructive order-theoretic techniques, we characterize the set of minimal state-space recursive competitive equilibria (RCE) in the canonical small open economy model of sudden stops with price-dependent collateral constraints. In addition, we develop a computable theory of the existence of RCE, as well as a complete constructive theory of equilibrium comparative statics of the entire set of RCE relative to ordered changes in important deep parameters of the economy. Using recent results on iterative monotone comparative statics, we also provide a new iterative approach to checking whether particular RCE are "order stable" relative to ordered changes in the deep parameters (and satisfying the correspondence principle). Finally, we give sufficient conditions for the uniqueness of RCE, and these sufficient conditions are extremely strong relative to applications of these models in the quantitative applied literature.
中文摘要
利用构造性序理论技术，我们刻画了在具有价格依赖抵押约束的典型小开放经济突然停止模型中，最小状态空间递归竞争均衡（RCE）的集合。此外，我们发展了一个关于RCE存在性的可计算理论，以及一个完整的构造性均衡比较静态理论，该理论涉及整个RCE集合相对于经济中重要深层参数的有序变化。借助迭代单调比较静态的最新成果，我们还提供了一种新的迭代方法，用于检验特定RCE相对于深层参数的有序变化是否“序稳定”（并满足对应原理）。最后，我们给出了RCE唯一性的充分条件，这些条件相对于这些模型在定量应用文献中的应用而言极为严格。