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Theory of Incomplete Markets, Volume 1

Author

Listed:
  • Michael Magill

    (University of Southern California)

  • Martine Quinzii

    (University of California, Davis)

Abstract

The Theory of Incomplete Markets provides a unified framework for analyzing the real, financial, and monetary sectors of an economy. It describes an innovative theory that takes into account the fact that in order to coordinate their activities and share their risks, agents are forced by the imperfections in their knowledge and their propensity for opportunistic behavior to trade sequentially and to make only limited contractual commitments into the future. This book studies the consequences of trading with such a sequential and incomplete market structure for the equilibria of an economy: competitive markets no longer provide the ideal way of allocating resources and even with rational expectations monetary policy is nonneutral.

Suggested Citation

  • Michael Magill & Martine Quinzii, 2002. "Theory of Incomplete Markets, Volume 1," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262632543, December.
    • Handle: RePEc:mtp:titles:0262632543
    as

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    More about this item

    Keywords

    incomplete markets; monetary policy;

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • B0 - Schools of Economic Thought and Methodology - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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