Money, Financial Assets and Incomplete Markets

货币、金融资产和不完全市场

• 批准号: 8911877
• 负责人: Michael Magill
• 金额: $ 18.88万
• 依托单位: University of Southern California
• 依托单位国家: 美国
• 项目类别: Continuing Grant
• 财政年份: 1989
• 资助国家: 美国
• 起止时间: 1989-07-15 至 1991-06-30
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=8911877&HistoricalAwards=false
• 关键词: Money; Financial; Assets; Incomplete; Markets

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.

该项目继续系统分析实体、金融和货币市场在去中心化经济中的作用。 目的是分析由现货市场、金融市场和银行系统组成的系统实现的资源跨期配置，并对政府在私营经济部门的活动进行建模。 长期目标是为现代宏观经济学提供严格的基础，从而为理解政府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，因为它解决了经济理论中的基本且极其困难的问题。 一般均衡分析使用经典的 Arrow-Debreu 框架和完全的偶然市场。 该项目的贡献来自于开发一个更通用的模型，涉及真实市场和金融市场，其中市场结构不完整。 不完整性的程度不是像过去的工作那样假设的，而是作为平衡的一部分来确定的。