作者：Crockett, Sean; Friedman, Daniel; Oprea, Ryan
作者单位：Chapman University System; Chapman University; University of California System; University of California Santa Cruz; University of Essex; University of California System; University of California Santa Barbara
摘要：We examine whether economies constructed using experimentally measured preferences (for risk) tend to suffer from aggregation pathologies (like nonexistence and multiplicity of equilibrium) cautioned by the Sonnenschein-Mantel-Debreu theorem. We show that aggregation pathologies should be expected to arise frequently in homogeneous exchange economies, but dwindle and eventually disappear as economies grow diverse. When subjects actually trade, general equilibrium predictions are accurate in mo...
作者：Rodriguez-Lopez, Antonio
作者单位：University of California System; University of California Irvine
摘要：I present a model to study the linkages between the market for liquidity and the international allocation of economic activity. Private assets' liquidity properties affect interest rates, with consequences on entry, production, and market capitalization. In a closed economy, the liquidity market increases the size and productivity of the sector that generates liquid assets. In an open economy, cross-country differences in financial development generate an allocation of economic activity favori...
