Debt, deficits and finite horizons: The stochastic case

被引：7

作者：

Farmer, Roger E. A. ^{[1
]}

Nourry, Carine ^{[2
]}

Venditti, Alain ^{[3
,4
]}

机构：

[1] Univ Calif Los Angeles, Los Angeles, CA 90024 USA

[2] Univ Aix Marseille 2, Inst Univ France, Paris, France

[3] CNRS GREQAM, Paris, France

[4] EDHEC, Paris, France

来源：

ECONOMICS LETTERS | 2011年 / 111卷 / 01期

基金：

美国国家科学基金会;

关键词：

Overlapping generations; Perpetual youth model; Pricing kernel; Aggregate uncertainty; INTERDEPENDENCE;

D O I：

10.1016/j.econlet.2010.11.047

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We introduce aggregate uncertainty and complete markets into Blanchard's (1985) perpetual youth model. We derive a simple expression for the pricing kernel that can be used to close a variety of equilibrium models in which the set of agents changes over time. (C) 2010 Elsevier B.V. All rights reserved.

引用

页码：47 / 49

页数：3

共 7 条

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