Sunspots and Incomplete Financial Markets: The General Case
This paper examines the effects of extrinsic uncertainty or sunspots on competitive equilibrium when financial markets are incomplete. For the canonical two-period, pure-exchange model with bonds (or so-called "nominal assets," yielding overall returns specified in units of account, and including pure inside money), the following result is established: Generically in endowments, if there are "S" sunspot states in the second period, but only 0
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Volume (Year): 2 (1992)
Issue (Month): 3 (July)
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