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Walras' Law in the steady state of DSGE models

Costa Junior, Celso José (2016): Walras' Law in the steady state of DSGE models.

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Abstract

The determination of the steady state of DSGE models remains the obscure stage of the resolution methods of this modeling. Researchers seek to solve a nonlinear system rather than understand the theory behind these models. In order to fill this gap and help in learning this methodology, this paper develops a procedure for finding the steady- state by using concepts that rest on Walras' Law.

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