Retrading, production, and asset market performance
نویسندگان
چکیده
منابع مشابه
Retrading, production, and asset market performance.
Prior studies have shown that traders quickly converge to the price-quantity equilibrium in markets for goods that are immediately consumed, but they produce speculative price bubbles in resalable asset markets. We present a stock-flow model of durable assets in which the existing stock of assets is subject to depreciation and producers may produce additional units of the asset. In our laborato...
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Agents and endowments. There is a continuum of ex ante identical households, a large number of perfectly competitive financial intermediaries, and a government. As in a typical cash-inadvance economy each household splits into a worker and a shopper each period. Each period each household receives an idiosyncratic endowment y ∈ [0,∞) that is IID in the population and IID over time with density ...
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ژورنال
عنوان ژورنال: Proceedings of the National Academy of Sciences
سال: 2015
ISSN: 0027-8424,1091-6490
DOI: 10.1073/pnas.1517038112