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Theory of Incomplete Markets, Volume 1

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Author Info

  • Michael Magill

    ()
    (University of Southern California)

  • Martine Quinzii

    ()
    (University of California, Davis)

Abstract

The Theory of Incomplete Markets provides a unified framework for analyzing the real, financial, and monetary sectors of an economy. It describes an innovative theory that takes into account the fact that in order to coordinate their activities and share their risks, agents are forced by the imperfections in their knowledge and their propensity for opportunistic behavior to trade sequentially and to make only limited contractual commitments into the future. This book studies the consequences of trading with such a sequential and incomplete market structure for the equilibria of an economy: competitive markets no longer provide the ideal way of allocating resources and even with rational expectations monetary policy is nonneutral.

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Bibliographic Info

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This book is provided by The MIT Press in its series MIT Press Books with number 0262632543 and published in 2002.

Volume: 1
Edition: 1
ISBN: 0-262-63254-3
Handle: RePEc:mtp:titles:0262632543

Contact details of provider:
Web page: http://mitpress.mit.edu

Related research

Keywords: incomplete markets; monetary policy;

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