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Global Stability with Spillovers

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  • JOHN C. ECKALBAR

Abstract

This paper investigates the stability of a small, highly stylized economy, which has imperfectly informed traders visiting markets sequentially. Trading out of equilibrium is allowed. Roughly speaking, this system is found to be stable, even though spillovers are present, as long as the direct effects of price changes dominate the spillovers.

Suggested Citation

  • John C. Eckalbar, 1979. "Global Stability with Spillovers," The Economic Record, The Economic Society of Australia, vol. 55(2), pages 172-178, June.
    • Handle: RePEc:bla:ecorec:v:55:y:1979:i:2:p:172-178
    DOI: 10.1111/j.1475-4932.1979.tb02217.x
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    References listed on IDEAS

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    1. Franklin M. Fisher, 1978. "Quantity Constraints, Spillovers and the Hahn Process," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 45(1), pages 19-31.
    2. Grossman, Herschel I, 1971. "Money, Interest, and Prices in Market Disequilibrium," Journal of Political Economy, University of Chicago Press, vol. 79(5), pages 943-961, Sept.-Oct.
    3. Howitt, P W, 1974. "Stability and the Quantity Theory," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 133-151, Jan.-Feb..
    4. Varian, Hal R., 1975. "On persistent disequilibrium," Journal of Economic Theory, Elsevier, vol. 10(2), pages 218-228, April.
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    Cited by:

    1. Sambracos, Evangelos & Yannelis, Dimitris, 1993. "On Non-Tatonnement Processes," MPRA Paper 52125, University Library of Munich, Germany.

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