Not logged in.
Quick Search - Contribution
Contribution Details
| Type | Journal Article |
| Scope | Discipline-based scholarship |
| Title | Disaggregation of excess demand and comparative statics with incomplete markets and nominal assets |
| Organization Unit | |
| Authors |
|
| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
| Language |
|
| Journal Title | Economic Theory |
| Publisher | Springer |
| Geographical Reach | international |
| ISSN | 0938-2259 |
| Volume | 13 |
| Number | 2 |
| Page Range | 287 - 308 |
| Date | 1999 |
| Abstract Text | 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. |
| Free access at | Related URL |
| Related URLs | |
| Digital Object Identifier | 10.1007/s001990050255 |
| Other Identification Number | merlin-id:19964 |
| Export |
BibTeX
EP3 XML (ZORA)
|