Detail Stationary Equilibria With Incomplete Markets and Overlapping Generations   Oleh:  Spear, Stephen E. ; Cass, David ; Green, Richard C. Jenis: Article from Bulletin/Magazine Dalam koleksi: INTERNATIONAL ECONOMIC REVIEW vol. 33 no. 3 (1992), page 495-512. Topik: generations; stationary equilibria; incomplete markets; overlapping generations Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: II49.2 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel Recent work on general equilibrium models with incomplete financial markets has demonstrated that when assets pay off in units of account, equilibrium prices and allocations are indeterminate. The equilibria in such models are also generically constrained suboptimal. A central planner can typically reallocate assets in such a way as to Pareto dominate the competitive equilibrium. In this paper, we consider an overlapping generations model with incomplete markets in which one asset is fiat money. We show that when outside money has value in equilibrium, the stationary equilibrium prices and allocations are both locally isolated and constrained optimal. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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