Excess demand functions when new assets are introduced

Takeshi Momi

Journal of Economic Theory, 2009, vol. 144, issue 4, pages 1832-1843

Abstract: We demonstrate that information on the aggregate excess demand function of an incomplete real asset market economy is not helpful toward predicting the equilibrium of a new economy to which unredundant assets are added. An innovation of assets can completely change the aggregate excess demand functions.

Keywords: Incomplete; market; Disaggregation; of; excess; demand; Financial; innovation (search for similar items in EconPapers)
Date: 2009

Downloads: (external link)
http://www.sciencedirect.com/science/article/B6WJ3 ... 1e9ac111c3f4205240d1
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:eee:jetheo:v:144:y:2009:i:4:p:1832-1843

Access Statistics for this article

Journal of Economic Theory is edited by A. Lizzeri and K. Shell

More articles in Journal of Economic Theory from Elsevier
Series data maintained by Heidi Boesdal ().