On the welfare role of redundant assets with heterogenous forecasts
We study a multiperiod model with a nominal bond that matures in one period and identify the set of e¢ cient allocations that can be sustained as Walrasian equilibria with heterogeneous forecasts. We next add a long maturity bond, which under perfect foresight would be a redundant asset, and show th...
Saved in:
| Main Authors: | , |
|---|---|
| 格式: | text |
| 語言: | English |
| 出版: |
Institutional Knowledge at Singapore Management University
2023
|
| 主題: | |
| 在線閱讀: | https://ink.library.smu.edu.sg/soe_research/2716 https://ink.library.smu.edu.sg/context/soe_research/article/3715/viewcontent/cb_wp046__1_.pdf |
| 標簽: |
添加標簽
沒有標簽, 成為第一個標記此記錄!
|
| 機構: | Singapore Management University |
| 語言: | English |