General equilibrium models | Good Grade Guarantee!
>2 countries: ‘Europe’ (Eurozone), ‘USA’ (dollar zone)>Fixed population of N households, N1 in Europe, rest in USA>All households monopoly producers of unique good (or service), z, supplied at profit-maximising price, output combination p(z), y(z)>Europeans (Americans) consume output of American (European) and of other European (American) households>All have same utility depending positively on consumption level and real balances, and negatively on labour supply>Marginal disutility of labour marginal cost of production output>Marginal utility of consumption demand for output.
The Redux model – 10.1.1 Setting:
Population of the world: N/N = 1Population of Europe : N1 /N = nPopulation of the USA : (N−N1)/N = 1−nEurope – quantity of home products consumed– price of home products (€)– quantity of American imports consumed– price of American imports (€)America – quantity of home products consumed– price of home products ($)– quantity of European imports consumed– price of European imports ($)
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