کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
1141060 956760 2009 14 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Making promises in infinite-horizon economies with default and collateral
موضوعات مرتبط
مهندسی و علوم پایه سایر رشته های مهندسی کنترل و سیستم های مهندسی
پیش نمایش صفحه اول مقاله
Making promises in infinite-horizon economies with default and collateral
چکیده انگلیسی
We study an infinite-horizon economy with incomplete markets where default is explicitly allowed, contrary to the GE1 model (where default is ruled out by assumption). The time and uncertainty are modeled by a countable infinite event-tree with a unique initial node at initial date, and with a continuum of branches at each node of the tree. If we allow agents to sell promises subject to the purchase of durable goods serving as collateral, then it is possible to prove the existence of equilibria without imposing either constraint on agent's asset holdings, or assumption on ex post endowments. The proof is independent of the manner in which households discount the future.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Mathematics and Computers in Simulation - Volume 79, Issue 10, June 2009, Pages 3055-3068
نویسندگان
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