Gerogescu-Roegen versus Solow/Stiglitz and the convergence to the Cobb-Douglas

The value of the elasticity of substitution of capital for resources is a crucial element in the debate over whether continual growth is possible. It is generally held that the elasticity has to be at least one to permit continual growth and that there is no way of estimating this outside the range of the data. This paper presents a model in which the elasticity is determined endogenously and may converge to one. It is concluded that the general opinion is wrong: that the possibility of continual growth does not depend on the exogenously given value of the elasticity and that the value of the elasticity outside the range of the data can be studied by econometric methods.

On Rothschild-Stiglitz as competitive pooling

Dubey and Geanakoplos [2002] have developed a theory of competitive pooling, which incorporates adverse selection and signaling into general equilibrium. By recasting the Rothschild-Stiglitz model of insurance in this framework, they find that a separating equilibrium always exists and is unique.We prove that their uniqueness result is not a consequence of the framework, but rather of their definition of refined equilibria. When other types of perturbations are used, the model allows for many pooling allocations to be supported as such: in particular, this is the case for pooling allocations that Pareto dominate the separating equilibrium.

Uma avaliação das contribuições de Stiglitz à teoria dos mercados financeiros

The objective and originality of this paper lie in identifying Stiglitz's main theoretical contributions to Financial Economics and in briefly portraying the contemporary economic thought out of which these contributions emerged as well as in suggesting their connections with the subsequent economic thought. Grounded on a detailed analysis of Stiglitz's works on finance, his most important theoretical findings are singled out and gathered into four issues: (1) the conditions under which the Modigliani-Miller theorem is valid; (2) the inconsistency inherent to the efficient market hypothesis; (3) the microeconomic effects of asymmetrical information in financial markets; and (4) its real macroeconomic effects. In all of these topics, the focal point of Stiglitz's theoretical research is the unrealistic underpinnings on which the Arrow-Debreu competitive equilibrium model relies. It is also emphasised that this same perspective he coherently followed to construct a fully-fledged theoretical framework would be preserved in his empirical investigations, notably about developing countries, on which he has concentrated effort since the beginnings of the nineties.

Endogenous cycles in a Stiglitz-Weiss economy

The literature on financiaI imperfections and business cycles has focused on propagation mechanisms. In this pape r we model apure reversion mechanism, such that the economy may converge to a two period equilibrium cycle. This mechanism confirms that financiaI imperfections may have a dramatic amplification effect. Unlike in some related models, contracts are complete. Indexation is not assumed away. The welfare properties of a possible stabilizing policy are analyzed. The model i tself is a dynamic extension of the well-known Stigli tz-Weiss model of lending under moral hazard. Although stylized the model still captures some important features of credit cycles.

Megjegyzések Joseph Stiglitz és Amartya Sen "A gazdasági teljesítmények és a szociális haladás mérése" című jelentéséhez

A jelentés nem jöhetett volna soha jobbkor. A felkérés még 2008 februárjában történik. Akkor, amikor sok szakértő azt nyilatkozza, hogy a válságot Európa meg fogja úszni. Valószínűleg a megbízó, Nicolas Sárközy francia elnök sem előrelátóbb, de ösztönösen ráérez a problémára és a lehetőségre. Vagy okos tanácsadói javasolják. A válság mindenesetre még egyértelműbbé teszi, hogy statisztikai rendszerünk több szempontból is tökéletlen. A bizottság mandátuma eredetileg szerényebb, de az új események fényében tevékenységük felértékelődik. A rangos munkaközösség tagjai Joseph E. Stiglitz (Columbia Egyetem) és Amartya Sen (Harvard Egyetem) Nobel-díjasok, a testület koordinátorának Jean-Paul Fitoussi neves francia professzort kérik fel. Rajtuk kívül még 21 közismert szakértő vesz részt a munkában, főként amerikai és francia egyetemekről. A jelentést 2009. szeptember 14-én mutatják be egész napos konferencia keretében a Sorbonne egyetem aulájában.

Consenso,disenso, confusión. El “debate Stiglitz” en perspectiva

Uno de los objetivos declarados del libro “El malestar en la globalización”, publicado por Joseph E. Stiglitz a mediados de 2002,1 es abrir un debate sobre el gobierno de la globalización y sus instituciones y, en particular, sobre el Fondo Monetario Internacional (FMI). El número de ediciones del libro y las reacciones que ha suscitado sugieren que ese objetivo se ha cumplido. La defensa y ataque de los argumentos de Stiglitz se han convertido en un eje de la discusión más amplia sobre la globalización y sus consecuencias.