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general equilibrium with incomplete markets

Author

Listed:
  • Michael Magill
  • Martine Quinzii

Abstract

An account is given of the principal concepts and results of general equilibrium with incomplete financial markets over a finite horizon, focusing on the generic existence, suboptimality and determinacy of equilibrium. Many results depend on the nature of the financial securities, whether they are real or nominal, nominal securities leading to the analysis of a class of monetary equilibrium models.

Suggested Citation

  • Michael Magill & Martine Quinzii, 2010. "general equilibrium with incomplete markets," The New Palgrave Dictionary of Economics, Palgrave Macmillan.
  • Handle: RePEc:pal:dofeco:v:4:year:2010:doi:1909
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    File URL: http://www.dictionaryofeconomics.com/article?id=pde2009_G000024
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    Cited by:

    1. Tirelli, Mario, 2008. "Constrained inefficiency in GEI: A geometric argument," Journal of Mathematical Economics, Elsevier, vol. 44(11), pages 1197-1214, December.

    More about this item

    Keywords

    Arrow; K.; determinacy of equilibrium; general equilibrium; incomplete financial markets; spot-financial market equilibrium;

    JEL classification:

    • D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets
    • D53 - Microeconomics - - General Equilibrium and Disequilibrium - - - Financial Markets
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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