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Optimality of Stationary Asset Equilibria Under A Stochastic Inflation Tax

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  • Bernhard Eckwert
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    Abstract

    In this paper we characterize the set of Pareto optimal asset equilibria in an incomplete market OLG framework when inflation-tax-financed monetary shocks impinge on the economy. We show that it is the strength rather than the mere presence of monetary disturbances that accounts for, if the market mechanism fails to achieve allocating efficiency. Copyright 1992 Blackwell Publishers.

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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1467-9965.1992.tb00025.x
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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Mathematical Finance.

    Volume (Year): 2 (1992)
    Issue (Month): 1 ()
    Pages: 47-60

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    Handle: RePEc:bla:mathfi:v:2:y:1992:i:1:p:47-60

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=0960-1627

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    Cited by:
    1. Eckwert, Bernhard, 1996. "Equilibrium term structure relations of risky assets in incomplete markets," The Quarterly Review of Economics and Finance, Elsevier, vol. 36(3), pages 327-346.
    2. Drees, Burkhard & Eckwert, Bernhard, 2000. "Leverage and the price volatility of equity shares in equilibrium," The Quarterly Review of Economics and Finance, Elsevier, vol. 40(2), pages 155-167.

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