A Strategic Market Game Approach to General Equilibrium withIncomplete Markets
{'Code': '04050100', 'Directorate': {'Abbreviation': 'SBE', 'LongName': 'Direct For Social, Behav & Economic Scie'}, 'Division': {'Abbreviation': 'SES', 'LongName': 'Divn Of Social and Economic Sciences'}}
{'SignBlockName': 'Daniel H. Newlon', 'PO_EMAI': None, 'PO_PHON': None}
One of the most active and productive areas of research in the                  last decade is the development of rigorous microeconomic                        foundations for macroeconomic models dealing with such important                issues as business cycles, inflation and involuntary                            unemployment.  This project draws together several different                    strands of research for a new approach to the study of the                      microeconomic foundations of money and financial institutions.                  It stays as close as possible to the methodological premises of                 microeconomic theorizing as embodied in the Arrow Debreu model of               general equilibrium.  But in extending that model to allow for                  incomplete asset markets, and by giving a strategic market game                 model for the process of exchange it is able to capture the                     institutional context which is the hallmark of macroeconomics.                  Some of the specific features of the economy studied in this                    model are rational expectations, bankruptcy, the nature of                      secured loans, liquidity, the velocity of circulation, the                      effects of monetary policy and the different sources of money                   rates of interest.                                                                                                                                              This project makes a major methodological contribution to                       economic theory by replacing partial equilibrium with general                   equilibrium, static with dynamic, and "institution-free" models                 with models that incorporate real world institutions.  The                      research should provide new fundamental insights into the roles                 played by the different financial institutions in the U.S.                      economy.
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{'Name': 'Yale University', 'CityName': 'NEW HAVEN', 'ZipCode': '065113572', 'PhoneNumber': '2037854689', 'StreetAddress': '150 MUNSON ST', 'StreetAddress2': None, 'CountryName': 'United States', 'StateName': 'Connecticut', 'StateCode': 'CT', 'CONGRESSDISTRICT': '03', 'CONGRESS_DISTRICT_ORG': 'CT03', 'ORG_UEI_NUM': 'FL6GV84CKN57', 'ORG_LGL_BUS_NAME': 'YALE UNIV', 'ORG_PRNT_UEI_NUM': 'FL6GV84CKN57'}
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{'Code': '1320', 'Text': 'Economics'}
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