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Debt, deficits and finite horizons: The stochastic case
Authors:Roger EA Farmer  Carine NourryAlain Venditti
Institution:
  • a University of California, Los Angeles, United States
  • b Université de la Méditerranée, Institut Universitaire de France & GREQAM, France
  • c CNRS-GREQAM & EDHEC, France
  • Abstract:We introduce aggregate uncertainty and complete markets into Blanchard's (1985) perpetual youth model. We derive a simple expression for the pricing kernel that can be used to close a variety of equilibrium models in which the set of agents changes over time.
    Keywords:C61  E21  O41
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