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 (Unpublished)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) |
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| Official URL: | http://cep.lse.ac.uk |
| Additional Information: | © 2005 the author |
| Uncontrolled Keywords: | Unique equilibrium, crises, dynamics, strategic complementarities |
| Library of Congress subject classification: | H Social Sciences > HG Finance |
| Journal of Economic Literature Classification System: | 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 |
| Rights: | http://www.lse.ac.uk/library/rights/LSERO.htm |
| URL: | http://eprints.lse.ac.uk/4907/ |
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