| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w30037 |
| 来源ID | Working Paper 30037 |
| Price Theory for Incomplete Markets | |
| Emmanuel Farhi; Alan Olivi; Iván Werning | |
| 发表日期 | 2022-05-16 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We provide a price theory for incomplete markets that extends the traditional Walrasian analysis. We derive formulas expressing the consumption response to current and future changes in interest rates and income. Our analysis provides a natural decomposition of these responses into substitution and income effects with structural interpretation, emphasizing statistics such as the marginal propensity to save and local measures of prudence in utility. We handle general uncertainty in a compact and intuitive manner by adjusting probability distributions: a risk-adjusted probability, commonly used in finance, and a novel prudence-adjusted probability, specifically useful for incomplete markets. Our formulas reveal various cross-restrictions implied by the theory on consumer behavior. Numerical explorations show that the new statistics we identify matter significantly to understand aggregate demand in incomplete markets, beyond the impact of heterogeneous marginal propensities to consume or binding borrowing constraints. |
| 主题 | Microeconomics ; Households and Firms ; General Equilibrium |
| URL | https://www.nber.org/papers/w30037 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587711 |
| 推荐引用方式 GB/T 7714 | Emmanuel Farhi,Alan Olivi,Iván Werning. Price Theory for Incomplete Markets. 2022. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w30037.pdf（1825KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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