Portfolio choice, exchange rates, and indeterminacy (Q1110429): Difference between revisions
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Latest revision as of 12:10, 30 July 2024
scientific article
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | Portfolio choice, exchange rates, and indeterminacy |
scientific article |
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Portfolio choice, exchange rates, and indeterminacy (English)
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1988
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Consider an exchange economy under uncertainty. The asset market is incomplete: there are fewer assets, A, than states of nature, S. Assets are nominal and are denominated in N distinct ``currencies''. Competitive equilibria are distinct if the associated allocations are distinct. An economy displays K degrees of indeterminacy if the set of distinct competitive equilibria contains a K-dimensional open set. Generically, the economy displays NS-A(N-1)-N degrees of indeterminacy.
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degree of indeterminacy
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incomplete asset market
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exchange economy under uncertainty
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Competitive equilibria
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