Excess demand functions when new assets are introduced

• 成果类型: Article
• 署名作者: Momi, Takeshi
• 署名单位: Doshisha University
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2009.03.003
• 发表日期: 2009
• 页码: 1832-1843
• 关键词: Incomplete market; Disaggregation of excess demand; financial innovation

摘要

We demonstrate that information on the aggregate excess demand function of an incomplete real asset market economy is not helpful toward predicting the equilibrium of a new economy to which unredundant assets are added. An innovation of assets can completely change the aggregate excess demand functions. (C) 2009 Elsevier Inc. All rights reserved.