EXISTENCE OF SUNSPOT EQUILIBRIUM AND ABSENCE OF NON-SUNSPOT EQUILIBRIA IN A FINANCIAL ECONOMY

被引：1

作者：

PIETRA, T

机构：

[1] Department of Economics, Rutgers University, New Brunswick, NJ, New Jersey Hall

来源：

JOURNAL OF ECONOMIC THEORY | 1991年 / 53卷 / 02期

关键词：

D O I：

10.1016/0022-0531(91)90164-Y

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The paper shows that there are financial economies for which there are no equilibria if there is no extrinsic uncertainty, while there are sunspot equilibria. We present two examples: The first is an economy where non-existence of equilibria in the economy without extrinsic uncertainty is due to the collapse of rank of the return matrix. The second is a non-convex economy. © 1991.

引用

页码：439 / 451

页数：13

共 8 条

[1] DO SUNSPOTS MATTER [J].