Existence of Equilibrium in an Incomplete Market Model with Endogenous Labor Supply
نویسنده
چکیده
This paper generalizes the results of Marcet, Obiols-Homs and Weil (2003) and proves the existence of equilibrium of an Aiyagari model with endogenous labor supply. The main contributions are: 1). I nd a suf cient condition to guarantee that there is an upper bound for the asset accumulation when R < 1, 2). I prove the existence and uniqueness of I would like to thank Professor Charles Wilson for his guidence. I would like to thank A. Marcet, P. Weil, Jushan Bai, S. Ludvigson, G. Violante, and Efe Ok for their comments and suggestions. I also thank Greg and the participants of the third-year paper seminar. Tel.:1-212992-9773; E-mail address: [email protected]
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