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general equilibrium with incomplete markets

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Author Info

  • Michael Magill
  • Martine Quinzii

Abstract

An account is given of the principal concepts and results of general equilibrium with incomplete financial markets over a finite horizon, focusing on the generic existence, suboptimality and determinacy of equilibrium. Many results depend on the nature of the financial securities, whether they are real or nominal, nominal securities leading to the analysis of a class of monetary equilibrium models.

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This chapter was published in: Steven N. Durlauf & Lawrence E. Blume (ed.) , , pages , 2010, 1st quarter update.

This item is provided by Palgrave Macmillan in its series The New Palgrave Dictionary of Economics with number v:4:year:2010:doi:1909.

Handle: RePEc:pal:dofeco:v:4:year:2010:doi:1909

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Related research

Keywords: Arrow; K.; determinacy of equilibrium; general equilibrium; incomplete financial markets; spot-financial market equilibrium;

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Cited by:
  1. Mario Tirelli, 2008. "Constrained inefficiency in GEI: a geometric argument," Departmental Working Papers of Economics - University 'Roma Tre' 0086, Department of Economics - University Roma Tre.

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