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Published in:
1993 | OriginalPaper | Chapter
An adjustment process for an international trade model
Author : Dr. Antoon van den Elzen
Published in: Adjustment Processes for Exchange Economies and Noncooperative Games
Publisher: Springer Berlin Heidelberg
Included in: Professional Book Archive
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In this chapter we consider price adjustments resulting from shocks in a two country model. For that purpose we present a price adjustment process that reaches an equilibrium price vector when starting from an arbitrarily chosen price vector. The latter vector can be interpreted as the equilibrium price prevailing in the economy before the shock took place.