Excess demand functions when new assets are introduced
We 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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"Excess Demand Functions with Incomplete Markets - A Global Result,"
IEW - Working Papers
096, Institute for Empirical Research in Economics - University of Zurich.
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