著者
HIROFUMI UZAWA
出版者
JAPANESE ECONOMIC ASSOCIATION
雑誌
季刊 理論経済学 (ISSN:0557109X)
巻号頁・発行日
vol.13, no.1, pp.59-62, 1962-09-30 (Released:2008-02-28)
参考文献数
12

THE PURPOSE of this note is to show the equivalence of two fundamental theorems-Walras' Existence Theorem on the one hand and Brouwer's FixedPoint Theorem on the other.Walras' theorem1) is concerned with the existence of an equilibrium in the Walrasian system of general equilibrium and has been a problem of some importance in formal economic analysis since his work [12] appeared in 1874-7. It was, however, not until Wald's contributions, [10] and [11], that the existence problem was rigorously treated. Recent contributions, in particular those of Arrow and Debreu [2], McKenzie [6], NikaidÔ [7], and Gale [4], have shown that Walras' theorem is essentially a necessary consequence of Brouwer's FixedPoint Theorem. The latter theorem, 2)first proved by Brouwer [3] in 1911, also bears a fundamental importance in mathematics. It may be hence of some interest to see that Brouwer's theorem is in fact implied by Walras' theorem. It would indicate the reason that the general treatment of the existence pro blem in the Walrasian system had to wait for the development of the twentieth century mathematics.
著者
二階堂 副包
出版者
日本経済学会
雑誌
季刊 理論経済学 (ISSN:0557109X)
巻号頁・発行日
vol.30, no.1, pp.1-9, 1979-04-27 (Released:2007-10-18)
参考文献数
4

Pathology inherent to neoclassical equilibrium growth is diagnosed to reveal its instability by imbedding it in a Harrodian growth process in a disequilibrium dynamics setting. Despite the alleged stabilizing effect of smooth factor substitution it proves to be balanced just on a knifeedge. Once off the dead center the economy eventually suffers from either growth with prolonged inflation or secular depression. The malignancy is due to firms' investment behaviors, that can not be cured even by smooth factor substitution.

2 0 0 0 OA 書評

著者
岸本 哲也
出版者
日本経済学会
雑誌
季刊 理論経済学 (ISSN:0557109X)
巻号頁・発行日
vol.36, no.3, pp.263-264, 1985-12-26 (Released:2007-10-18)
著者
筒井 義郎
出版者
JAPANESE ECONOMIC ASSOCIATION
雑誌
季刊 理論経済学 (ISSN:0557109X)
巻号頁・発行日
vol.33, no.1, pp.38-54, 1982

The purpose of this paper is to make clear whether the bank loan market in Japan is in equilibrium or not. There have been three papers on the issue, Hamada et al. [7], Furukawa [6] and Kamae [15]. They are contradicted with each other so that the definite conclusion has not yet been reached. Hamada et al. [8] explains that the difference in conclusion comes from the difference in observation period. The present paper re-examines their estimation to show that the explanation is not correct. The re-examination indicates that their supposed supply functions have multicollinearity, causing the contradiction.<br>In addition, those papers are found to have following weak points:<br>(a) They say that excess supply periods were longer than excess demand periods in 1960's and early 70's. However, the opposite view is commonly accepted.<br>(b) Whether the market is in equilibrium or not is judged in those three papers by the sign condition of estimated parameters. But this method fails to give a definite answer in many cases.<br>The present paper suggests more appropriate way of analysis as follows:<br>(A) Using three indices, an adequate sample separation can be found consistent with the popular view.<br>(B) Chow Test [2] is applied to judge whether the market is in equilibrium or not. This method enables us to judge in any case and to assess the degree of disequilibrium quantitatively.<br>With these modifications, the present paper concludes that the Japanese bank loan market is in disequilibrium whichever adjustment it has, the effective interest rate or the nominal interest rate.<br>Futhermore, the excess demand for the bank loan and the equilibrium interest rate are estimated quantitatively, describing the market condition fairly well.
著者
藤田 晴
出版者
日本経済学会
雑誌
季刊 理論経済学 (ISSN:0557109X)
巻号頁・発行日
vol.5, no.3-4, pp.112-118, 1955-03-25 (Released:2008-02-28)