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Unique equilibrium in a dynamic model of crises with frictions

Guimaraes, Bernardo (2005) Unique equilibrium in a dynamic model of crises with frictions. Centre for Economic Performance, London School of Economics and Political Science, London, UK. (Unpublished)

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Abstract

This paper studies a dynamic model of crises with timing frictions that combines the main aspects of Morris and Shin (1998) and Frankel and Pauzner (2000). The usual arguments for existence and uniqueness of equilibrium cannot be applied. It is shown that the model has a unique equilibrium within the class of threshold equilibria.

Item Type: Monograph (Discussion Paper)
Official URL: http://cep.lse.ac.uk
Additional Information: © 2005 the author
Subjects: H Social Sciences > HG Finance
JEL classification: D - Microeconomics > D8 - Information, Knowledge, and Uncertainty
F - International Economics > F3 - International Finance
Sets: Collections > Economists Online
Research centres and groups > Centre for Economic Performance (CEP)
Departments > Economics
Date Deposited: 19 May 2008 09:56
Last Modified: 01 Oct 2010 08:53
URI: http://eprints.lse.ac.uk/id/eprint/4907

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