Curriculum Vitae
Herakles M.
Polemarchakis
Department of
Economics
voice: +44 (0)24 - 76150051
fax: 1 (0)24 - 76523032
e-mail:
h.polemarchakis@warwick.ac.uk
Born: 2 October
1952;
Education
1973: A.B.(Economics
and Mathematics),
1978: Ph.D. (Economics),
Employment
1977 - 1978: Lecturer, Department of Economics,
1978 - 1982: Associate Professor, Department of
Economics,
1982 - 1990: Professor, Graduate
1990 - 2000: Professor, Department of Economics,
Université catholique de
2000 - 2005: Professor, Department of Economics,
2005- present: Professor, Department of
Economics,
Other
1979 - 1980: Faculty Research Fellow, CORE,
Université catholique de
1986 - 1987: Overseas Fellow,
1987 - 1988 Director, KEΠE, Centre for
Planning and Economic Research,
1991 - 1995: Research Director, CORE, Université
catholique de
1991 - present: Fellow, the Econometric Society
1992 - 1997: Council Member, European Economic Association
1996 - 2003: Associate Editor, Journal of
Economic Growth
1996, fall: Visiting Professor, Yale University
1997 - present:
Co-Editor, Journal of Mathematical Economics
1997, fall: Visiting Professor,
1998, spring: Senior Research Fellow, Faculty of Economics and Politics
Overseas Fellow,
1998 - 2000: President, CORE, Université catholique
de
1999 - 2000: Visiting Professor,
2000 - 2004: Associate Editor, Research in
Economics
2004 - 2007: Advisory Board, Annals of
Finance
2005 - 2006: Co–Editor,
2005 - present: Fellow, the European Economic Association
2005 - 2008: Economic Adviser, ΠΑΣΟΚ, Socialist Party, Athens
2009, fall: Visiting Professor, Yale University
Articles:
“A brief note on the
efficiency of equilibrium with costly transactions,” Review of Economic
Studies ,
43, 535-542 (1976) (with J. R. Green)
“On the desirability of a
totally random monetary policy,” Journal of Economic Theory, 15,
345-350 (1977) (with L. Weiss)
“On the structure of the set
of fixed price equilibria,” Journal of Mathematical Economics , 5, 53-69 (1978) (with G.
Laroque)
“Fixed wages,
layoffs, unemployment compensation and welfare,” American Economic
Review, 68, 909-917 (1978) (with L. Weiss)
“Unequal treatment in the
core,” Econometrica, 46, 1475-1481 (1978) (with M. A. Khan)
“Incomplete markets, price
regulation and welfare,” American Economic Review, 69, 662-669
(1979)
“Equity, efficiency and
advantageous randomness,” Quarterly Journal of Economics, 94,
465-470 (1979)
“Is there an income effect?,”
Journal of Economic Theory, 21, 380-388 (1979)
“Implicit contracts and
employment theory,” Review of Economic Studies, 46, 97-108 (1979)
“Identifiability of the von
Neumann - Morgenstern utility function from asset demands,” 151-161 in J.
R. Green and J. A. Scheinkman (eds.), General Equilibrium, Growth and
Trade: Essays in honour of L. McKenzie, xxx-xxx, Academic Press (1979)
(with J. R. Green and L. J. Lau)
“On the disaggregation of
excess demand functions,” Econometrica, 48, 217-229 (1980) (with
J. D. Geanakoplos)
“Recovering cardinal
utility,” Review of Economic Studies, 48, 159-166 (1981) (with P.
Dybvig)
“Constrained excess demand
functions,” Journal of Economic Theory, 25, 323-337 (1981)
“We cannot disagree forever,”
Journal of Economic Theory, 28, 192-200 (1982) (with J. D.
Geanakoplos)
“Homothetic preferences and
aggregation,” Quarterly Journal of Economics, 98, 363-369 (1983)
“Retroactive Money,” Economica
, 50, 301-310 (1983) (with J. Bulow)
“Monopolistic quantity
rationing,” Quarterly Journal of Economics, 98(Suppl.), 189-197
(1983) (with V. Böhm, E. Maskin and A. Postlewaite)
“Observable probabilistic
beliefs,” Journal of Mathematical Economics, 11, 65-75 (1983)
“Expectations, demand and
observability,” Econometrica, 51, 565-574 (1983)
“On the disaggregation of excess demand functions
when prices and aggregate income vary independently,” European Economic
Review, 20, 217-229 (1983)
“On the transfer paradox,” International
Economic Review, 24, 749-760 (1983)
“Disaggregation of excess
demand under additive separability,” European Economic Review, 20,
311-318 (1983)
“Asset markets, general
equilibrium and the neutrality of money,” Review of Economic Studies,
51, 127-138 (1984) (with C. Chamley)
“Another proposition on the
recoverability of cardinal utility,” Journal of Economic Theory,
34, 164-168 (1984) (with D. Rose)
“Intertemporally separable
overlapping generations economies,” Journal of Economic Theory,
34, 207-215 (1984) (with J. D. Geanakoplos)
“On the recoverability of risk and time
preferences from consumption and asset demands,” European Economic Review,
25, 115-133 (1984) (with L. Selden)
“Approximate aggregation
under uncertainty,” Journal of Economic Theory, 38, 180-210 (1986)
(with L. Selden, P. Zipkin and L. Pohlman)
“Existence, regularity and
constrained suboptimality of competitive allocations when the asset market is
incomplete,” p.65-95 in W. Heller, R. Starr and D. Starrett (eds.), Uncertainty,
Information and Communication: Essays in Honor of K. J. Arrow, Vol. III,
xxx-xxx, Cambridge University Press, (1986) (with J. D. Geanakoplos)
“Walrasian indeterminacy
and keynesian macroeconomics,” Review of
Economic Studies, 53, 755-779 (1986) (with J. D. Geanakoplos)
“Stable cartels,” International
Economic Review, 27, 317-327 (1986) (with N. Economides and M. - P.
Donsimoni)
“Intertemporal equilibrium
and the transfer paradox,” Review of Economic Studies, 54, 147-156
(1987) (with O. Galor)
“Portfolio choice, exchange
rates and indeterminacy,” Journal of Economic Theory, 46, 414-421
(1988)
“Intertemporal equilibrium
and disadvantageous growth,” European Economic Review, 33, 59-65
(1989) (with M. - P. Donsimoni)
“Asset markets and
equilibrium processes,” Review of Economic Studies, 57, .229-254
(1990) (with J. Dutta)
“Convexity and sunspots: a
comment,” Journal of Economic Theory, 52, 433-439 (1990) (with D.
Cass)
“Noninformative rational
expectations equilibria when assets are nominal: an example,” Geneva
Papers on Risk and Insurance Theory, 15, 73-79 (1990) (with K. Mischel and
P. Siconolfi)
“Observability and optimality,” Journal of Mathematical Economics, 19, 153-165 (1990) (with J. D. Geanakoplos)
“Options and equilibrium,”
Journal of Mathematical Economics, 19, 107-112 (1990) (with B. - I.
Ku)
“Overlapping generations,”
p.1899-1960 in W. Hildenbrand and H. Sonnenshein (eds.), Handbook of
Mathematical Economics, Vol. IV,
“Asset pricing and
observability,” p.9-30 in W. Barnett, B. Cornet, C. d'Aspremont, J. J. -
Gabszewicz and A. Mas - Colell (eds.), Equilibrium Theory and Applications,
xxx-xxx, Cambridge University Press, (1991) (with J. Dutta)
“On the aggregate effects of individual risks,”
p.475-500 in P. S. Dasgupta, D. Gale, O. D. Hart and E. Maskin (eds.), Economic
Analysis of Markets and Games: Essays in Honor of F.H. Hahn,
xxx-xxx, Cambridge University Press, (1992) (with J. Dutta)
“Competitive equilibria
without free disposal or nonsatiation,” Journal of Mathematical Economics , 22,
85-99 (1993) (with P. Siconolfi)
“Asset markets and the
information revealed by prices,” Economic Theory, 3, 645-661
(1993) (with P. Siconolfi)
“Redistribution and Welfare,”
Journal of Mathematical Economics, 23, 235-242 (1994) (with M. - P.
Donsimoni)
“Generic existence of
competitive equilibria when the asset market is incomplete: a symmetric
argument,” Economic Theory, 5, 289-311 (1995) (with P. Siconolfi)
“The Relevance of financial
policy,” European Economic Review, 39, 1133-1154 (1995) (Wi - th J. Detemple and P. Gottardi)
“Generic existence of
competitive equilibria with restricted participation,” Journal of
Mathematical Economics ,
28, 289-311 (1997) (with P. Siconolfi)
“Nash - Walras equilibria,”
Ricerche Economiche, 51, 31-40 (1997) (with
“Partial revealation with
rational expectations,” Journal of Economic Theory, 80, 171-181
(1998) (with A. Heifetz)
“Prices, asset markets and indeterminacy,” Journal of Economic Theory, 82, .46-64 (1998) (with P. Siconolfi)
“Exchange and optimality,”
Economic Theory, 13, 629-xxx (1999) (with
“Trade and welfare,” in
G. Chichilnisky (ed.), Information, Markets and Social Choice: Essays in
Honour of K. J. Arrow, xxx-xxx, Cambridge University Press, (1999) (with
T. Cordella and
“Nash - walras equilibria
of a large economy,” Proceedings of the National Academy of Sciences
(USA) ,
97, 5675-5678 (2000) (with
“A Role for monetary policy
when prices reveal information: an example,” Journal of Economic Theory , 95,
107-115 (2000)(with G. Seccia)
“The relevance of extrinsic
uncertainty,” Annales d' Economie et de
Statistique, xx, xxx-xxx, (2001) (with L. Ventura)
“The identification of
preferences from equilibrium prices: uncertainty,” Journal of Economic Theory , 102,
403-420 (2002) (with F. Kübler, P.-A. Chiappori and
“Balance of payments and
the determinacy of interest rates,” Review of International Economics,
10, 459-468 (2002) (with M. Salto)
“Equilibrium and arbitrage
in incomplete asset markets with fixed prices,” Journal of Mathematical
Economics ,
37, 133-155 (2002), (with P. J.-J. Herings)
“Equilibrium selections,” in G. Bitros (ed.), Essays in
Honor of E. Drandakis, xxx-xxx, Edward Elgar, (2002) (with B. Allen and J.
Dutta)
“Asset markets and
investment decisions,” International Economic Review, 43, .857-873
(2002) (with A. de Waegenaere and L. Ventura)
“Information at equilibrium,”
Economic Theory, 2-3, 573-584 (2003) (with
“Testable
implications of general equilibrium theory: a differentiable approach,” Journal
of Mathematical Economics, 40, 105-119 (2004) (with P.-A.
Chiappori,
“Simple markovian
equilibria in economies of overlapping generations,” Economic Theory,
24,.623-643 (2004) (with F. Kübler)
“Money and prices under
uncertainty,” Review of Economic Studies, 72, 223-246 (2005) (with
T. Nakajima)
“Monetary equilibria over
an infinite horizon,” Economic Theory, 25, .51-74 (2005) (with G.
Bloise and J. H Drèze)
“Pareto improving price
regulation when the asset markets is incomplete,” Economic Theory,
25, 135-154 (2005) (with P. J. - J. Herings)
“Debt, liquidity and
dynamics,” Economic Theory, 27, 179-211 (2006) (with C. Rochon)
"The taxation of
trades in assets,” Journal of Economic Theory, 126, 299-313 (2006)
(with A. Citanna and M. Tirelli)
“Sunspots, correlation and
competition,” Games and Economic Behavior, 56, 174-184 (2006)
(with I. Ray)
“Monetary policy and
dynamic efficiency in economies of overlapping generations,’’ International
Journal of Economic Theory, xx, xxx-xxx (xxxx) (with G. Bloise)
“The determinacy of
equilibrium in economies of overlapping generations,” Economic
Theory, 32, xxx-475 (2007) (with
“Pareto improving taxes,”
Journal of Mathematical Economics, 44, 682-696 (2008) (with J. D.
Geanakoplos)
“Identification of
pareto-improving policies: information as the real invisible hand,” Journal
of Mathematical Economics,
44, 167-179 (2008) (with A. Carvajal)
Reviews:
“Money: in
Equilibrium, by D. Gale,” Economica,
51, p.484-485 (1984)
“The
Foundations of Expected Utility, by P. Fishburn,”
Journal of Economic Literature, 22, p.1118-1119 (1984)
“Marshall's
Tendencies, by J. Sutton,” Economic
Journal, 114, p.F139-F142 (2004)
“Social
Security, by P. Diamond,” Economic
Journal, 114, p.F536-F539 (2004) (with F. Kübler)
Other Publications:
“Rationalité, agrégation et observabilité,” Cahiers
du Séminaire d'Econométrie, xx, (1982)
“Decision theory,” in J. Eatwell, M. Milgate and
P. Newman (eds.), The New Palgrave: A Dictionary
of Economic Theory and Doctrine, MacMillan Press, (1987)
“Credit constraints and investment finance:
evidence from
“Competitive allocations under uncertainty when
the asset market is incomplete,” Geneva Papers on Risk and Insurance Theory,
15, (1990)
“The economic
implications of an incomplete asset market,” American Economic Review,
80, p.280-283 (1990)
“Market Myopia,” in P. Newman, M. Milgate and J.
Eatwell (eds.), The New Palgrave Dictionary
of Money and Finance, MacMillan Press, (1992)
“The State Preference Approach,” in P. Newman, M.
Milgate and J. Eatwell (eds.), The New
Palgrave Dictionary of Money and Finance, MacMillan Press, (1992)
“From Nash to Walras Equilibrium,” in J. - F. Mertens
and S. Sorin (eds.), Game Theoretic Methods in General Equilibrium Theory:
Proceedings of NATO - ASI Conference, Kluwer, (1994) (with B.
Allen)
“Individual rationality and equilibrium in
economics,” in A. d'Autume and J. Cartelier (eds.), L'Economie,
devient-elle une Science Exacte, Economica, (1994)
“Knowledge at equilibrium,” in Y. Shoham (ed.), Theoretical
Aspects of Rationality and Knowledge: Proceedings of the Sixth Conference,
Morgan Kaufman Publishers, (1996) (with
“Money and monetary policy in general
equilibrium,” L. - A. Gérard - Varet, A. P. Kirman and M. Ruggiero (eds.), Economics,
the Next Ten Years, Oxford University Press, (1998) (with J. H. Dreze)
“Intertemporal general equilibrium and monetary
theory,” in A. Leijonhufvud (ed.), Monetary Theory and Monetary Policy,
Macmillan, (1998) (with J. H. Dreze)
“Macroeconomic
equilibrium in a monetary economy,” in P. J. - J. Herings, G. van der Laan
and D. Talman (eds.), Theory of Markets and their Functioning, Royal
Academy of Sciences of the Netherlands, (1998) (with J. - P. Vidal)
“General
equilibrium under imperfect competition: a comment,” Scandinavian
Journal of Economics, 100, p.181-183 (1998)
“Monetary Equilibria,” in G. Debreu, W. Neuefeind and W. Trockel (eds.), Economic Essays: A Festschrift in Honor of W. Hildenbrand, Springer Verlag, (2000) (with J. H. Drèze)
“Intervention
in market economies: three examples,” in Th. Lianos (ed.), Essays in
Honor of Andreas Papandreou, KEΠE, (2004)
“Theory and
practice of monetary policy,” Economic Theory, 27, p.1-23 (2006)
(with G. Bloise)
Unpublished Work:
“Markets and
contracts,” mimeo, (2009) (with A. Bisin, J. D. Geanakoplos, P. Gottardi
and
“Monetary
equilibria in continuous time,” mimeo, (2009) (with T. Nakajima)
“An argument
for positive nominal interest,” mimeo, (2009) (with G. Bloise)
“Myopia and
overlapping generations,” mimeo, (2009) (with
“Idiosyncratic
risks and economic policy,” mimeo, (2009) (with A. Carvajal)
“Nash-Walras
equilibria with private information on both sides,” mimeo (2009) (with M. Meier
and