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|
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"Myopic Economic Agents,"
Cowles Foundation Discussion Papers
481, Cowles Foundation for Research in Economics, Yale University.
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UC3M Working papers. Economics
3913, Universidad Carlos III de Madrid. Departamento de Economía.
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- 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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