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We consider a pure exchange, general equilibrium model, with two periods and a finite number of states, commodities, numeraire assets, and households. Participation in the asset markets is restricted in a household specific manner, imposing upper bounds on the amounts of borrowing which can be...
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We consider an incomplete market model with numeraire assets. Each household faces an individual constraint on its participation in the asset market. In related literature, the constraint is described by a function whose sole argument is the asset portfolio. On the contrary, in our analysis the...
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We develop a macroeconomic behavioral model in order to analyze the interactions between product and financial markets. The real subsystem is represented by a simple Keynesian income–expenditure model, while the financial subsystem is represented by an equilibrium stock market with...
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