Money, Financial Assets and Incomplete Markets

本项目继续系统分析房地产、金融和货币市场在去中心化经济中的作用。其目的是分析现货市场、金融市场和银行系统实现的资源跨期分配，并模拟政府在私营经济部门的活动。长期目标是为现代宏观经济学提供坚实的基础，从而为理解政府的货币和财政政策提供坚实的基础。这是一个令人兴奋的项目，因为它解决了经济学理论中的基本和极其困难的问题。一般均衡分析使用经典的Arrow-Debreu框架和完全的或有市场。这个项目的贡献来自于开发了一个更一般的模型，其中包括市场结构不完整的真实市场和金融市场。不完全程度不是假设的，而是作为平衡的一部分来确定的。

This project continues a systematic analysis of the role of real, financial and monetary markets in a decentralized economy. The object is to analyze the intertemporal allocation of resources achieved by a system of spot markets, financial markets and a banking system and to model the activities of the government in the private sector of the economy. The long-run objective is to provide a rigorous foundation for modern macroeconomics and hence to provide a solid basis for understanding government monetary and fiscal policy. This is an exciting project because it tackles fundamental and extremely difficult problems in economic theory. General equilibrium analysis uses the classic Arrow-Debreu framework with complete contingent markets. The contribution of this project comes from developing a more general model with real and financial markets in which the structure of markets is incomplete. The degree of incompleteness is not assumed, as it has been in past work, but determined as part of the equilibrium.