Discover how competitive equilibrium balances supply and demand in markets, maximizing economic efficiency for profit-driven producers and value-seeking consumers.

General equilibrium (GE) theory—long the domain of abstract economic models—has found unexpected relevance in today’s turbulent geopolitical and geofinancial landscape. Originally designed to model ...

Explore John R. Hicks' impact on economics, including his Nobel-winning work in general equilibrium and welfare theory, and ...

There are a wide variety of theoretical general equilibrium models with incomplete security markets. In this paper we give a general recipe for using homotopy algorithm to compute equilibria in these ...

In March 2018, representatives of member countries of the African Union signed the African Continental Free Trade Area (AfCFTA) agreement. This agreement provides a framework for trade liberalization ...

Our eLibrary offers over 25,000 IMF publications in multiple formats. In this paper, we investigate the mechanisms through which import tariffs impact the macroeconomy in two large scale workhorse ...

I have observed and appreciated Olivier Blanchard’s intellectual journey over the last decade. It began in August 2008, with what must be regarded as one of the worst-timed papers in the history of ...