Incomplete markets, allocative efficiency, and the information revealed by prices
成果类型：
Article
署名作者：
Citanna, A; Villanacci, A
署名单位：
Carnegie Mellon University; Hautes Etudes Commerciales (HEC) Paris; University of Florence
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1999.2609
发表日期：
2000
页码：
222-253
关键词：
摘要：
We compare rational expectations equilibria with different degrees of information revelation through prices. These equilibria arise in a two-period exchange economy with finitely many states and signals, multiple commodities and incomplete financial markets for nominal assets. We show that there are always equilibria where information is redundant in the sense of being of no value to the uninformed traders. We give conditions under which for a generic set of economies, parametrized by endowments and utilities, there exist open sets of equilibria for which allocative and informational efficiency are independent, with implications for monetary policy. Journal of Economic Literature Classification Numbers: D52, D60, D82, E52. (C) 2000 Academic Press.