Financial equilibria in the semimartingale setting: Complete markets and markets with withdrawal constraints

We establish existence of stochastic financial equilibria on filtered spaces more general than the ones generated by finite-dimensional Brownian motions. These equilibria are expressed in real terms and span complete markets or markets with withdrawal constraints. We deal with random endowment density streams which admit jumps and general time-dependent utility functions on which only regularity assumptions are imposed. As a side-product of the proof of the main result, we establish a novel characterization of semimartingale functions.