Prices, Asset Markets and Indeterminacy

Competitive equilibrium allocations are indeterminate when the net trades in commodities are constrained, while the asset market is incomplete. The model encompasses economies with deferred payment for commodities, economies with nominal assets, and economies with bundling of commodities and assets....

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Veröffentlicht in:Journal of economic theory 1998-09, Vol.82 (1), p.46-64
Hauptverfasser: Polemarchakis, H.M., Siconolfi, P.
Format: Artikel
Sprache:eng
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Zusammenfassung:Competitive equilibrium allocations are indeterminate when the net trades in commodities are constrained, while the asset market is incomplete. The model encompasses economies with deferred payment for commodities, economies with nominal assets, and economies with bundling of commodities and assets. Journal of Economic LiteratureClassification Numbers: D50, D52.
ISSN:0022-0531
1095-7235
DOI:10.1006/jeth.1998.2433