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Ambiguities in the Sign of Excess Effective Demand by Firms

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  • Joaquim Silvestre

Abstract

Can we state that at a given Benassy Fixprice Allocation z* there is, say, excess effective demand for a commodity? It turns out that in productive economies there may be ambiguities in the sign of excess effective demand: different effective demand vectors with different signs, may be compatible with z*. We prove: (a) no ambiguity exists if intermediate goods are ruled out and if all firms in the long side of a market perceive binding constraints; (b) in any case one can always select a vector of effective demands yielding minimal sets of buyer's and seller's markets.

Suggested Citation

  • Joaquim Silvestre, 1982. "Ambiguities in the Sign of Excess Effective Demand by Firms," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 49(4), pages 645-651.
    • Handle: RePEc:oup:restud:v:49:y:1982:i:4:p:645-651.
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