Sunspots and Incomplete Financial Markets: The General Case
AbstractThis paper examines the effects of extrinsic uncertainty or sunspots on competitive equilibrium when financial markets are incomplete. For the canonical two-period, pure-exchange model with bonds (or so-called "nominal assets," yielding overall returns specified in units of account, and including pure inside money), the following result is established: Generically in endowments, if there are "S" sunspot states in the second period, but only 0
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoArticle provided by Springer in its journal Economic Theory.
Volume (Year): 2 (1992)
Issue (Month): 3 (July)
Contact details of provider:
Web page: http://link.springer.de/link/service/journals/00199/index.htm
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Kajii, Atsushi, 1998. "Sunspots and the Sequential Regularity of Competitive Equilibria," Journal of Economic Theory, Elsevier, vol. 78(1), pages 187-194, January.
- Bernard Cornet & Ramu Gopalan, 2009.
"Arbitrage and Equilibrium with Portfolio Constraints,"
UniversitÃ© Paris1 PanthÃ©on-Sorbonne (Post-Print and Working Papers)
- Bernard Cornet & Ramu Gopalan, 2010. "Arbitrage and equilibrium with portfolio constraints," Economic Theory, Springer, vol. 45(1), pages 227-252, October.
- Bernard Cornet & Ramu Gopalan, 2009. "Arbitrage and Equilibrium with Portfolio Constraints," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 200911, University of Kansas, Department of Economics, revised Dec 2009.
- Bernard Cornet & Ramu Gopalan, 2009. "Arbitrage and equilibrium with portofolio constraints," Documents de travail du Centre d'Economie de la Sorbonne 09077, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
- Bowman, David & Faust, Jon, 1997.
"Options, Sunspots, and the Creation of Uncertainty,"
Journal of Political Economy,
University of Chicago Press, vol. 105(5), pages 957-75, October.
- David Bowman & Jon Faust, 1995. "Options, sunspots, and the creation of uncertainty," International Finance Discussion Papers 510, Board of Governors of the Federal Reserve System (U.S.).
- Alessandro Citanna & Karl Schmedders, 2002.
"Controlling Price Volatility Through Financial Innovation,"
1338, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Alessandro, CITANNA & SCHMEDDERS, Karl, 2002. "Controlling price volatility through financial innovation," Les Cahiers de Recherche 749, HEC Paris.
- M. Salto & T. Pietra, 2011.
"Welfare and excess volatility of exchange rates,"
wp758, Dipartimento Scienze Economiche, Universita' di Bologna.
- Atsushi Kajii, 2006.
"Welfare Gains and Losses in Sunspot Equilibria,"
KIER Working Papers
624, Kyoto University, Institute of Economic Research.
- Mark G. Guzman & Joseph H. Haslag & Pia M. Orrenius, 2003. "A role for government policy and sunspots in explaining endogenous fluctuations in illegal immigration," Working Papers 0305, Federal Reserve Bank of Dallas.
- Keister, Todd, 1998. "Money Taxes and Efficiency When Sunspots Matter," Journal of Economic Theory, Elsevier, vol. 83(1), pages 43-68, November.
- Bisin, Alberto, 1998. "General Equilibrium with Endogenously Incomplete Financial Markets," Journal of Economic Theory, Elsevier, vol. 82(1), pages 19-45, September.
- Joe Haslag & Mark G. Guzman & Pia M. Orrenius, 2003. "A Role for Sunspots in Explaining Endogenous Fluctutations in Illegal Immigration," Working Papers 0312, Department of Economics, University of Missouri.
- Gottardi, Piero & Kajii, Atsushi, 2003. "A note on the regularity of competitive equilibria and asset structures," Journal of Mathematical Economics, Elsevier, vol. 39(7), pages 763-776, September.
- W. -X. Zhou & D. Sornette, 2002. "Evidence of a Worldwide Stock Market Log-Periodic Anti-Bubble Since Mid-2000," Papers cond-mat/0212010, arXiv.org, revised Aug 2003.
- Atsushi Kajii, .
""The Sequential Regularity of Competitive Equilibria and Sunspots'',"
CARESS Working Papres
95-11, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
- Atsushi Kajii, . "The Sequential Regularity of Competitive Equilibria and Sunspots," Penn CARESS Working Papers e2d9482c0b44fc6a481e83aae, Penn Economics Department.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Guenther Eichhorn) or (Christopher F Baum).
If references are entirely missing, you can add them using this form.