Effect of restricting asset trade in dynamic equilibrium models
نویسندگان
چکیده
منابع مشابه
Identifiability of Dynamic Stochastic General Equilibrium Models with Covariance Restrictions
This article is concerned with identification problem of parameters of Dynamic Stochastic General Equilibrium Models with emphasis on structural constraints, so that the number of observable variables is equal to the number of exogenous variables. We derived a set of identifiability conditions and suggested a procedure for a thorough analysis of identification at each point in the parameters sp...
متن کاملEquilibrium models with singular asset prices
General equilibrium models in which economic agents have finite marginal utility from consumption at the origin lead to financial assets whose prices are continuous but exhibit singular components. In particular, there is no bona—fide "interest rate" in such models, although asset prices can be determined by equilibrium considerations (and uniquely, up to the formation of mutual funds). The sin...
متن کاملStochastic taxation and asset pricing in dynamic general equilibrium
Tax rates have fluctuated considerably since federal income taxes were introduced in the U.S. in 1913. This paper analyzes the effects of stochastic taxation on asset prices in a dynamic general equilibrium model. Stochastic taxation affects the after-tax returns of both risky and safe assets. Whenever taxes change, bond and equity prices adjust to clear the asset markets. These price adjustmen...
متن کاملRational Equilibrium Asset-Pricing Bubbles in Continuous Trading Models
We study rational equilibrium asset-pricing bubbles in an economic environment in which agents are allowed to trade continuously, including as special cases some models from financial economics. For positive net supply assets, we present new necessary and sufficient conditions for the absence of bubbles in complete and incomplete markets equilibria with several types of borrowing constraints. F...
متن کاملThe Impact of Monetary and Exchange Policies on the Country’s Trade balance Fluctuation with the Approach of Dynamic Stochastic General Equilibrium (DSGE) models
This paper uses the framework of new Keynesian school and the literature of the Dynamic Stochastic General Equilibrium (DSGE) model to build a general model that can be estimated for Iran economy. By simulating this model, the effects of the implementation of monetary and foreign exchange policies through policy instruments including bank interest rate, central bank international reserves and t...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Pacific Economic Review
سال: 2004
ISSN: 1361-374X,1468-0106
DOI: 10.1111/j.1468-0106.2004.00234.x