• Table of Contents
    • Abstract
    • Keywords
    • Article
      • Non-clearing markets and quantity signals
        • Walrasian equilibrium
        • Demands and transactions
        • Rationing schemes
        • Properties of rationing schemes
        • Quantity signals
      • Fixprice equilibria
        • Effective demands and supplies
        • Fixprice equilibrium
        • An alternative concept
      • Price making and equilibrium
        • The framework
        • Objective demand curves
        • Price making and equilibrium
      • Bibliographical references
        • History
        • Macroeconomic applications
    • See Also
    • Bibliography
    • How to cite this article

non-clearing markets in general equilibrium

Jean-Pascal Bénassy
From The New Palgrave Dictionary of Economics, Second Edition, 2008
Edited by Steven N. Durlauf and Lawrence E. Blume
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Abstract

In this article we study models with non-clearing markets in a full general equilibrium framework. The theories we describe synthesize three major schools of thought, Walrasian, Keynesian and imperfect competition. This synthesis is notably achieved by introducing quantity signals in addition to price signals into the traditional general equilibrium model. This considerably enlarges the scope of traditional general equilibrium, allowing us not only to construct equilibria with various price rigidities but also to endogenize prices in a decentralized imperfect competition framework.
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Keywords

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Article

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How to cite this article

Bénassy, Jean-Pascal. "non-clearing markets in general equilibrium." The New Palgrave Dictionary of Economics. Second Edition. Eds. Steven N. Durlauf and Lawrence E. Blume. Palgrave Macmillan, 2008. The New Palgrave Dictionary of Economics Online. Palgrave Macmillan. 19 December 2014 <http://www.dictionaryofeconomics.com/article?id=pde2008_N000153> doi:10.1057/9780230226203.1190

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