Excess demand functions when new assets are introduced
AbstractWe 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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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economic Theory.
Volume (Year): 144 (2009)
Issue (Month): 4 (July)
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Web page: http://www.elsevier.com/locate/inca/622869
Incomplete market Disaggregation of excess demand Financial innovation;
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