Abstract
A clear formalization of intertemporal equilibrium not only aids the fundamental conceptualization of economic activity but should also lead to comparative statics properties, which, dealing with intertemporal equilibria, have also been called ‘comparative dynamics properties’. Particular importance has been given to the question of knowing how the interest rate changes from one stationary equilibrium to another when some specific change is being brought to its exogenous determinants. The theory of the optimum allocation of resources can likewise be transposed to the intertemporal framework. Applications of these properties may give insights on the evolution of prices through time.
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Malinvaud, E. (2018). Intertemporal Equilibrium and Efficiency. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_1110
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DOI: https://doi.org/10.1057/978-1-349-95189-5_1110
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