A respeito do equilíbrio geral Walrasiano em trocas puras, avalie a afirmativa:

Item 1 - Numa caixa de Edgeworth, em um modelo de trocas com dois consumidores e dois bens, é impossível que a alocação eficiente dos bens corresponda ao consumo nulo dos dois bens para um dos consumidores.

Several economists argue that central bankers should consider asset prices along with consumer prices in their inflation targets. The problem with this suggestion is that nobody can prove definitively that share prices are rising because of speculative pressure rather than a genuinely improved outlook. As Alan Greenspan asked in December 1996, “how do we know when irrational exuberance has unduly escalated asset values?” Only in retrospect does the answer to this question become clear.

According to the text:

Item 4 - Several economists suggest that inflation indices should encompass assets prices.

Considere o seguinte jogo conhecido como a “batalha dos sexos”. Neste jogo, Ele prefere ir ao futebol e Ela ao shopping. Porém, entre a opção de desfrutarem do lazer sozinhos ou acompanhados, ambos preferem estar acompanhados. Com base na teoria dos jogos, julgue a afirmativa.

Item 4 - Um equilíbrio de Nash pode envolver uma situação em que um dos jogadores, dadas as escolhas dos demais, encontraria incentivo para mudar sua escolha unilateralmente.

The issue of speculation in emerging markets and the unfettered trade in foreign currencies is the most immediate and vexing problem faced by policymakers.

Politicians and central bankers worry about how to achieve economic stability without inhibiting the flexibility necessary for growth. Yet flows of speculative capital into fragile emerging markets have not brought any visible long-term benefits. Indeed, it can be argued that they have actually hindered the evolution of the liberal market system in many countries.

In this instance, speculation has been no friend of capitalism.

With respect to the issue of speculation in foreign currencies in emerging markets, the text makes it clear that

Item 3 - policymakers are vexed by the need to achieve exchange rate stability;

Although a new system of fixed currencies would necessitate a degree of capital controls, there is no evidence that this would actually inhibit economic growth. In fact, the growth rates of Western nations have actually declined since the early 1970s. Providing currencies with fixed values would also obviate the need for derivatives, which could be allowed to wither on the vine without posing any further threat to the financial system.

European businesses are the keenest supporters of the European single currency project because it saves them the cost and uncertainty of hedging their trading operations in the derivatives markets. Investors in foreign countries might forgive capital controls and restrictions on the early withdrawal of investments if they had greater confidence that economic conditions in these countries would not be suddenly undermined by speculative currency attacks. A fixed currency system would also define the limits of speculation in the manner performed by the gold standard in the nineteenth century.

According to the text, the proposed system of fixed currencies

Item 0 - would obviate the need for capital controls;

Com base no jogo na forma extensiva apresentado abaixo, é correto dizer que:

Item 4 - Todo jogo na forma extensiva com informação completa possui um único equilíbrio perfeito em subjogos, que pode ser obtido pelo algoritmo de indução retroativa.

Durante a Primeira República, a desvalorização cambial deixou de ser útil como instrumento de defesa da renda cafeeira, sendo substituída pela política de regulação da oferta, em razão da:

Item 4 - desorganização das contas públicas.

Speculation which is a beneficial, indeed vital, component of the capitalist process has come to dominate the system to an unhealthy degree. To repeat Keynes’s warning from the 1930s: “when the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done.” Momentum trading, trend-following speculators, overleveraged hedge funds, and corporate managements obsessed with daily fluctuations in share quotations are unlikely to produce the optimal distribution of scarce resources in the global economy. We have reached Keynes’s “third degree.”

The text leads to the conclusion that speculation

Item 1 - has always dominated the capitalist system;