Discover how competitive equilibrium balances supply and demand in markets, maximizing economic efficiency for profit-driven producers and value-seeking consumers.

There are a wide variety of theoretical general equilibrium models with incomplete security markets. In this paper we give a general recipe for using homotopy algorithm to compute equilibria in these ...

Our eLibrary offers over 25,000 IMF publications in multiple formats. In this paper, we investigate the mechanisms through which import tariffs impact the macroeconomy in two large scale workhorse ...

In March 2018, representatives of member countries of the African Union signed the African Continental Free Trade Area (AfCFTA) agreement. This agreement provides a framework for trade liberalization ...

Explore John R. Hicks' impact on economics, including his Nobel-winning work in general equilibrium and welfare theory, and his contributions to microeconomics.

General equilibrium (GE) theory—long the domain of abstract economic models—has found unexpected relevance in today’s turbulent geopolitical and geofinancial landscape. Originally designed to model ...