Theory of Incomplete Markets, Volume 1, vol 1

Michael Magill and Martine Quinzii

in MIT Press Books from The MIT Press

Abstract: The Theory of Incomplete Markets provides a unified framework for analyzing the real, financial, and monetary sectors of an economy. It describes an innovative theory that takes into account the fact that in order to coordinate their activities and share their risks, agents are forced by the imperfections in their knowledge and their propensity for opportunistic behavior to trade sequentially and to make only limited contractual commitments into the future. This book studies the consequences of trading with such a sequential and incomplete market structure for the equilibria of an economy: competitive markets no longer provide the ideal way of allocating resources and even with rational expectations monetary policy is nonneutral.

Keywords: incomplete markets; monetary policy (search for similar items in EconPapers)
JEL-codes: B0 E52 G1 (search for similar items in EconPapers)
Date: 2002
Edition: 1
ISBN: 0-262-63254-3
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Citations: View citations in EconPapers (69)

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