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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...
Persistent link: https://www.econbiz.de/10010875367
We consider a model with real assets and restricted participation described by household specific price dependent short selling constraints. We show existence of equilibria for all elements in an explicitly characterized large subset of the set of economies.
Persistent link: https://www.econbiz.de/10008498510
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...
Persistent link: https://www.econbiz.de/10008587872
Persistent link: https://www.econbiz.de/10010093331
Persistent link: https://www.econbiz.de/10010412443
Persistent link: https://www.econbiz.de/10009736876
In this paper we analyze the effects of restricted participation in a two-period gen- eral equilibrium model with uncertainty in the second period and real assets. Similar to certain arrangements in the market for bank loans, household borrowing is restricted by a household-specific wealth...
Persistent link: https://www.econbiz.de/10010555529
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Persistent link: https://www.econbiz.de/10009626465
The purpose of the paper is to argue that exogenous changes lowering wages may imply an increase of unemployment. To support that viewpoint, we use a general equilibrium approach. In that framework, we substitute the labour market clearing equation, which by very definition insures full...
Persistent link: https://www.econbiz.de/10010734983