Debt, deficits and finite horizons: The stochastic case |
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| Authors: | Roger EA Farmer Carine NourryAlain Venditti |
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| Institution: | a University of California, Los Angeles, United Statesb Université de la Méditerranée, Institut Universitaire de France & GREQAM, Francec CNRS-GREQAM & EDHEC, France |
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| 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. |
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| Keywords: | C61 E21 O41 |
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