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One Suggestion for Microfoundation of Non-Walrasian Disequilibrium Macroeconomics: Matching Theory with Dual Decision

Ogawa, Shogo (2021): One Suggestion for Microfoundation of Non-Walrasian Disequilibrium Macroeconomics: Matching Theory with Dual Decision.

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Abstract

In this study, we present a canonical static disequilibrium model which is micro-founded. The model includes standard optimization, stochastic quantity rationing, and market friction. In temporary equilibrium, every agent makes a decision under perceived quantity signals of all markets. This specifies market spill-over effect which could be interpreted as dual-decision effect. In temporary equilibrium, market friction mixes classical and Keynesian mechanism for unemployment so that the non-Walrasian regime dividing becomes obscure.

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