首页 | 本学科首页   官方微博 | 高级检索  
     检索      


Disaggregation of excess demand and comparative statics with incomplete markets and nominal assets
Authors:Piero Gottardi  Thorsten Hens
Institution:(1) Dipartimento di Scienze Economiche, University of Venice, Venice, ITALY, IT;(2) Department of Economics, University of Bielefeld, Postfach 100 131, D-33501 Bielefeld, GERMANY (e-mail: thens@wiwi.uni-bielefeld.dc), DE
Abstract:Summary. We prove that locally, Walras' law and homogeneity characterize the structure of market excess demand functions when financial markets are incomplete and assets' returns are nominal. The method of proof is substantially different from all existing arguments as the properties of individual demand are also different. We show that this result has important implications and is part of a more general result that excess demand is an essentially arbitrary function not just of prices, but also of the exogenous parameters of the economy as asset returns, preferences, and endowments. Thus locally the equilibrium manifold, relating equilibrium prices to these parameters has also no structure. Received: September 17, 1996; revised version: November 7, 1997
Keywords:and Phrases: Excess demand functions  Incomplete markets  
本文献已被 SpringerLink 等数据库收录!
设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号