Excess demand function around critical prices in incomplete markets
We show that the aggregate excess demand function in an economy with incomplete real asset markets can be characterized by Walras' law, homogeneity, and continuity around critical prices that cause one-dimensional drop of the dimension of the budget set.
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- Takeshi Momi, .
"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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