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Excess demand functions when new assets are introduced

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Author Info
Momi, Takeshi

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Abstract

We demonstrate that information on the aggregate excess demand function of an incomplete real asset market economy is not helpful toward predicting the equilibrium of a new economy to which unredundant assets are added. An innovation of assets can completely change the aggregate excess demand functions.

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File URL: http://www.sciencedirect.com/science/article/B6WJ3-4W3HXDB-2/2/2da0646906b11e9ac111c3f4205240d1
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Publisher Info
Article provided by Elsevier in its journal Journal of Economic Theory.

Volume (Year): 144 (2009)
Issue (Month): 4 (July)
Pages: 1832-1843
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Handle: RePEc:eee:jetheo:v:144:y:2009:i:4:p:1832-1843

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Web page: http://www.elsevier.com/locate/inca/622869

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Related research
Keywords: Incomplete market Disaggregation of excess demand Financial innovation;

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This page was last updated on 2009-12-30.

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