The Structure of Financial Equilibrium with Exogenous Yields: The Case of Incomplete Markets
The Structure of Financial Equilibrium with Exogenous Yields: The Case of Incomplete Markets
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具有外生收益的金融均衡结构：不完全市场的情况
DOI：
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发表时间：
1989
期刊：
影响因子：
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通讯作者：
D. Cass
中科院分区：
文献类型：
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作者：
Y. Balasko;D. Cass
本文分析了在一个平稳的交换经济中的竞争均衡结构，在这个经济中，金融工具市场是不完全的，其总收益（价格和收益率）是固定的。主要结果表明，这种市场的不完全性产生了相当程度的分配不确定性。它还表明，这种真实的不确定性可能会增加时，价格和收益率被视为变量，而不是参数。版权所有1989年由计量经济学会。
This paper presents an analysis of the structure of competitive equilibrium in a smooth, exchange economy where there are incomplete markets in financial instruments whose overall payoffs (both prices and yields) are fixed in units of account. The main result establishes that such market incompleteness generates a comparable degree of allocation indeterminateness. It is also shown how this real indeterminacy may increase when prices and yields are treated as variables rather than parameters. Copyright 1989 by The Econometric Society.