Incomplete Markets in Infinite Horizon: Debt Constraints Versus Node Prices
The general equilibrium model with incomplete markets is here extended to infinite horizon economies populated. by a finite number of infinitely-lived agents. The crucial issue which divides the infinite horizon setting from the finite horizon setting is in the nature of borrowing constaints which added to spot constraints define a plausible budget set for individual agents. The paper relates seyen altemative definitions of equilibrium and states corresponding equilibrium existence theorems when assets are one-period and purely financial.
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|Date of creation:||1994|
|Date of revision:|
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- Donald J. Brown & Lucinda M. Lewis, 1978.
"Myopic Economic Agents,"
Cowles Foundation Discussion Papers
481, Cowles Foundation for Research in Economics, Yale University.
- Florenzano, Monique & Gourdel, Pascal, 1993.
"T-period economies with incomplete markets,"
CEPREMAP Working Papers (Couverture Orange)
- Bewley, Truman F., 1972. "Existence of equilibria in economies with infinitely many commodities," Journal of Economic Theory, Elsevier, vol. 4(3), pages 514-540, June.
- Woodford, Michael & Santos, Manuel S., 1995.
"Rational asset pricing bubbles,"
UC3M Working papers. Economics
3913, Universidad Carlos III de Madrid. Departamento de Economía.
- Mas-Colell, Andreu & Zame, William R., 1991. "Equilibrium theory in infinite dimensional spaces," Handbook of Mathematical Economics, in: W. Hildenbrand & H. Sonnenschein (ed.), Handbook of Mathematical Economics, edition 1, volume 4, chapter 34, pages 1835-1898 Elsevier.
- Alejandro Hernandez & Manuel Santos, 1994. "Competitive Equilibria for Infinite-Horizon Economies with Incomplete Markets," Working Papers 9407, Centro de Investigacion Economica, ITAM.
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