The uniform impatience hypothesis, a joint requirement on endowments and preferences, was imposed in the literature to prove equilibrium existence in infinite horizon sequential economies. In this note, we characterize this assumption in terms of asymptotic properties on inter-temporal discount...

Introducing assets backed by physical collateral, we extend the Cornet and De Boisdeffre (2002) model of asymmetric information to allow for default. We show that, independently of the financial-informational structure, equilibrium exists.

We show that in economies without liquidity frictions, but with incomplete financial markets, when agents are infinitely lived and uniformly impatient, money can still be essential (that is, have a positive price in equilibrium) if and only if each agent has binding debt constraints at some node...

In this note we show that the fixed points of a continuous function (or of an upper semi-continuous correspondence, with non-empty and convex values) can be attained as Nash Equilibria of a game with finitely many players.

We propose a specification of a general equilibrium model with securitization of collateral-backed promises and discuss the role of physical collateral to avoid, in equilibrium, pessimistic beliefs about the future rates of default. Promises are pooled in either pass-through securities or...