EQUILIBRIUM INDETERMINACY IN A MODEL OF CONSTRAINED FINANCIAL MARKETS

• 成果类型: Article
• 署名作者: Fiorini, Luciana C.
• 署名单位: University of Western Australia
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12178
• 发表日期: 2016
• 页码: 857-880
• 关键词: exogenous yields

摘要

I present a general equilibrium model with incomplete markets in which assets pay in units of a numeraire good. In this economy, agents are constrained to negotiate the same amount of assets in different states of the world. Different from the standard result of economies with real assets, equilibrium indeterminacy can arise, depending on the structure of the financial markets. Equilibrium fails to be unique when it is not possible to transfer wealth between states in which consumers trade a pair of assets that face the same restriction.