Asset Prices in Stationary Rational Expectation Models

该项目延续了一条杰出的研究路线， 经济中的均衡概念。 这一概念在 几乎所有的经济分析，包括理论和经验。 在 本质上，经济均衡的概念意味着经济可以 在某些情况下是稳定的，这些条件可以是 至少在理论上是这样得出的， 经济将以某种可预测的方式对外部影响作出反应， 除非被迫改变，否则经济将保持平衡。 均衡也不仅仅是一个理论结构， 使分析更易于处理;它似乎是一个现实的描述 一个经济体的实际运作。 这一点很明显， 通常不会是混乱的，至少在很长一段时间内不会。 数量庞大的生产商提供看似无穷无尽的各种 产品和服务，而这些产品和服务又被其他代理人消费， 经济发展 每天有数百万笔交易在一个 相对有序的方式 有些包含高度的 政府监管，但大多数情况下几乎没有监督 任何一个既定的机构。 即使一个稳定的影响或平衡似乎是一个 一个可行的和不断增长的经济的基本组成部分，建模， 数学上的处理被证明是极其困难的， 特别是如果一个研究人员希望检查的增长， 时间经济。 具有特殊复杂性的是理性 期望模型，现实地考虑到这样一个事实， 消费者、生产者和政策制定者等经济行为主体， 在经济市场中对彼此的动向作出反应。 这 该项目扩展了我们对经济系统演变的认识， 从理论和实证两方面分析， 理性预期模型中的平稳均衡。 从一个简单的货币经济开始，债务不能被 收集，莱文教授结合多种资产， 生产，并审查经济增长带来的效率 关于交易成本。 该项目包括分析 政府政策，多种资产市场，以及对 一个经济部门的变化影响经济增长的机制 其他部门。

The project continues a distinguished line of research into the concept of equilibrium in an economy. This concept is central in virtually all economic analysis, both theoretical and empirical. In essence, the idea of economic equilibrium implies that the economy can be stable in certain circumstances, that those conditions can be derived at least in a theoretical sense, that the forces in the economy will respond in some predictable way to outside influences, and that the economy will remain in balance unless forced to change. Equilibrium is also more than just a theoretical construct used to make analysis more tractable; it appears to be a realistic description of the actual workings of an economy. This is evident in that markets are typically not chaotic, at least not for long periods of time. Enormous numbers of producers supply a seemingly endless variety of products and services, which in turn are consumed by other agents in the economy. Millions of transactions are completed daily in a relatively orderly fashion. Some incorporate a high degree of government regulation, but most take place with virtually no oversight from any established institution. Even though a stabilizing influence or equilibrium appears to be a fundamental component of a viable and growing economy, modelling that process mathematically has proven to be extremely difficult, particularly if a researcher wishes to examine the growth of the economy through time. Of special complexity are the rational expectations models, which realistically allow for the fact that economic agents such as consumers, producers, and policy makers all react to each other's movements in the economic marketplace. This project extends our knowledge of the evolution of economic systems by analyzing in both a theoretical and empirical way, the conditions necessary for stationary equilibria in rational expectations models. Starting from a simple monetary economy in which debt cannot be collected, Professor Levine incorporates multiple assets and production, and examines the efficiencies in economic growth brought about by transactions costs. Included in the project are analyses of government policy, multiple asset markets, and detailed studies of the mechanisms by which changes in one sector of the economy affect the other sectors.