Walras' Law and nonoptimal equilibria in overlapping generations models
نویسندگان
چکیده
منابع مشابه
Walras’ Law in Overlapping Generations Economies
Aiyagari (1992) shows that equilibria are nonoptimal for an overlapping generations economy if and only if Walras’ Law fails. We demonstrate that this failure represents an earnings opportunity exploitable by unsecured debt issue. When unsecured debt is issued, Walras’ Law holds. JEL Classification: D5, D6, D9
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ژورنال
عنوان ژورنال: Journal of Mathematical Economics
سال: 1992
ISSN: 0304-4068
DOI: 10.1016/0304-4068(92)90013-w