دانلود مقاله ISI انگلیسی شماره 51859
عنوان فارسی مقاله

بازارهای ناقص و نوسانات

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
51859 2001 44 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Incomplete Markets and Volatility
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Economic Theory, Volume 98, Issue 2, June 2001, Pages 295–338

کلمات کلیدی
CARA نرمال - نوسانات درون زا؛ اقتصاد مبادله؛ ساختار مالی؛ تعادل عمومی؛ بازارهای ناقص؛ عدم قطعیت - انگیزه احتیاطی؛ نوسانات
پیش نمایش مقاله
پیش نمایش مقاله بازارهای ناقص و نوسانات

چکیده انگلیسی

This paper shows that the precautionary motive, combined with asset incompleteness, is a major source of volatility and indeterminacy in financial markets. Price fluctuations originate from agents' efforts to insure themselves through time by borrowing and lending instead of shifting income across states of nature by trading risky assets. A high interest rate at a future date reduces the potential for future consumption smoothing via borrowing, which leads to a strong precautionary motive and a low interest rate in the current period. The negative feedback between future and current rates generates fluctuations. This logic is developed in SPEC, a CARA-normal exchange economy with many periods and endogenous interest rates. When there is an intermediate level of market incompleteness and sufficient investor impatience, fluctuations in the real interest rate can be large, even though the aggregate endowment is constant. SPEC has a unique equilibrium under a finite horizon; on the other hand, with a finite number of infinitely lived agents, there exists a robust continuum of equilibria that are neither bubbles nor sunspots. Journal of Economic Literature. Classification Numbers: C61, D52, D58, G11, G12.

خرید مقاله
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