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Recursive Competitive Equilibrium in Multi-sector Economies

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  • Rogerson, Richard

Abstract

This paper extends the theory of recursive competitive equilibrium developed by Mehra and Prescott (1980) to a class of multisector economies in which mobility is costly. By introducing l otteries into the consumption sets of individuals, it is shown that e quilibrium allocations can be obtained as the solution to a recursive programming problem. The Lucas and Prescott (1974) search environmen t is a special case of the environment studied here. Copyright 1988 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.

Suggested Citation

  • Rogerson, Richard, 1988. "Recursive Competitive Equilibrium in Multi-sector Economies," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 29(3), pages 419-430, August.
    • Handle: RePEc:ier:iecrev:v:29:y:1988:i:3:p:419-30
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    Cited by:

    1. Laura Povoledo, 2009. "The Volatility of the Tradeable and Nontradeable Sectors: Theory and Evidence," Working Papers 0906, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.
    2. Povoledo, Laura, 2018. "Pricing behavior and the role of trade openness in the transmission of monetary shocks," Journal of Macroeconomics, Elsevier, vol. 57(C), pages 231-247.
    3. repec:rdg:wpaper:em-dp2007-47 is not listed on IDEAS
    4. Laura Povoledo, 2017. "Modelling the sectoral allocation of labour in open economy models," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 50(3), pages 685-710, August.
    5. Laura Povoledo, 2007. "Volatility of the Tradeable and Non-Tradeable Sectors: Theory and evidence," Economic Analysis Research Group Working Papers earg-wp2007-10, Henley Business School, University of Reading.

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