Incomplete Markets In Infinite Horizon: Debt Constraints Versus Node Prices
The general equilibrium model with incomplete markets is here extended to infinite horizon economies populated by a finite number of infinitely lived agents. the crucial issue that divides the infinite horizon setting from the finite horizon setting is in the nature of borrowing constraints, which added to spot constraints, define a plausible budget set for individual agents. the paper relates seven alternative definitions of equilibrium and states corresponding equilibrium existence theorems when assets are one-period and purely financial. Copyright 1996 Blackwell Publishers.
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Volume (Year): 6 (1996)
Issue (Month): 2 ()
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References listed on IDEAS
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- Florenzano, Monique & Gourdel, Pascal, 1994.
"T-period economies with incomplete markets,"
Elsevier, vol. 44(1-2), pages 91-97.
- Florenzano, Monique & Gourdel, Pascal, 1993. "T-period economies with incomplete markets," CEPREMAP Working Papers (Couverture Orange) 9312, CEPREMAP.
- Brown, Donald J & Lewis, Lucinda M, 1981. "Myopic Economic Agents," Econometrica, Econometric Society, vol. 49(2), pages 359-368, March.
- Donald J. Brown & Lucinda M. Lewis, 1978. "Myopic Economic Agents," Cowles Foundation Discussion Papers 481, Cowles Foundation for Research in Economics, Yale University.
- Manuel S. Santos & Michael Woodford, 1997. "Rational Asset Pricing Bubbles," Econometrica, Econometric Society, vol. 65(1), pages 19-58, January.
- Manuel S. Santos & Michael Woodford, 1993. "Rational Asset Pricing Bubbles," Working Papers 9304, Centro de Investigacion Economica, ITAM.
- Woodford, Michael & Santos, Manuel S., 1995. "Rational asset pricing bubbles," UC3M Working papers. Economics 3913, Universidad Carlos III de Madrid. Departamento de Economía.
- Alejandro Hernandez & Manuel Santos, 1994. "Competitive Equilibria for Infinite-Horizon Economies with Incomplete Markets," Working Papers 9407, Centro de Investigacion Economica, ITAM.
- Mas-Colell, Andreu & Zame, William R., 1991. "Equilibrium theory in infinite dimensional spaces," Handbook of Mathematical Economics, in: W. Hildenbrand & H. Sonnenschein (ed.), Handbook of Mathematical Economics, edition 1, volume 4, chapter 34, pages 1835-1898 Elsevier.
- Bewley, Truman F., 1972. "Existence of equilibria in economies with infinitely many commodities," Journal of Economic Theory, Elsevier, vol. 4(3), pages 514-540, June. Full references (including those not matched with items on IDEAS)
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