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Sequential Equilibrium in Incomplete Markets with Long-Term Debt

Daniel Jaar

Working Papers from University of Chile, Department of Economics

Abstract: This paper proves equilibrium existence in an incomplete market sequential economy with finitely-lived debt contracts. Introducing credit constraints limiting agents' access to liquidity, we show that a competitive equilibrium always exists. Our results are consistent with broad forms of endogenous credit segmentation.

New Economics Papers: this item is included in nep-dge
Date: 2018-11
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