This chapter reviews several concepts of equilibrium that have appeared in the recent literature on markets and uncertainty and focuses on various theories of equilibrium under uncertainty in a sequence of markets, in the absence of complete forward markets for contingent delivery. A stationary...

The confluence of three trends in the U.S. residential housing market - rising home prices, declining interest rates, and near-frictionless refinancing opportunities - led to vastly increased systemic risk in the financial system. Individually, each of these trends is benign, but when they occur...