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We study the properties of a GEI model with nominal assets, outside money (injected into the economy as in Magill and Quinzii (J Math Econ 21:301–342, <CitationRef CitationID="CR17">1992</CitationRef>)), and multiple currencies. We analyze the existence of monetary equilibria and the structure of the equilibrium set under two different...</citationref>
Persistent link: https://www.econbiz.de/10010993532
This paper considers the set of equilibria of two-period, sunspot economies with "S" purely extrinsic states of nature in the second period and "I" assets with linearly independent nominal payoffs. The span of the payoff matrix contains the vector [1, . . . ,1] (i.e., inside money). The set of...
Persistent link: https://www.econbiz.de/10005370726
We consider two periods economies with both intrinsic and extrinsic uncertainty. Asset markets are incomplete in the certainty economy. If assets are nominal, there are enough commodities and the number of agents is greater than two and smaller than the total number of states of nature...
Persistent link: https://www.econbiz.de/10005753163
I consider the set of equilibria of two-period economies with S extrinsic states of nature in the second period and I assets with linearly independent nominal payoffs. Asset prices are variable. If the number of agents is greater than (S-I), the payoff matrix is in general position and S $\ge$...
Persistent link: https://www.econbiz.de/10005753314