异质主体不完全市场经济中的一般均衡 有许多消费品和无风险债券

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摘要翻译：
研究了一个具有异质主体的纯交换不完全市场经济。在每个时期，代理人选择储蓄多少（即投资于无风险债券），消费多少，以及在他们的禀赋波动的情况下消费哪一捆商品。本文研究了一个竞争平稳均衡(CSE)，其中财富分配不变，代理人最大化其期望的贴现效用，消费品价格和利率都是市场出清的。我们的主要贡献是将一些一般均衡结果推广到具有许多消费品的不完全市场Bewley型经济。在代理人偏好较弱的条件下，我们证明了商品总需求只依赖于商品的相对价格，而储蓄总需求在价格上是同质的，并证明了CSE的存在性。当代理的偏好可以用替代弹性大于等于1时的CES（常数替代弹性）效用函数表示时，我们证明了CSE是唯一的。在相同的偏好下，我们证明了较高的禀赋不平等不会改变商品的均衡价格，并降低均衡利率。我们的结果揭示了市场不完全性对一般均衡模型性质的影响。
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英文标题：
《General equilibrium in a heterogeneous-agent incomplete-market economy
  with many consumption goods and a risk-free bond》
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作者：
Bar Light
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最新提交年份：
2021
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分类信息：

一级分类：Economics        经济学
二级分类：Theoretical Economics        理论经济学
分类描述：Includes theoretical contributions to Contract Theory, Decision Theory, Game Theory, General Equilibrium, Growth, Learning and Evolution, Macroeconomics, Market and Mechanism Design, and Social Choice.
包括对契约理论、决策理论、博弈论、一般均衡、增长、学习与进化、宏观经济学、市场与机制设计、社会选择的理论贡献。
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英文摘要：
  We study a pure-exchange incomplete-market economy with heterogeneous agents. In each period, the agents choose how much to save (i.e., invest in a risk-free bond), how much to consume, and which bundle of goods to consume while their endowments are fluctuating. We focus on a competitive stationary equilibrium (CSE) in which the wealth distribution is invariant, the agents maximize their expected discounted utility, and both the prices of consumption goods and the interest rate are market-clearing. Our main contribution is to extend some general equilibrium results to an incomplete-market Bewley-type economy with many consumption goods. Under mild conditions on the agents' preferences, we show that the aggregate demand for goods depends only on their relative prices and that the aggregate demand for savings is homogeneous of degree in prices, and we prove the existence of a CSE. When the agents' preferences can be represented by a CES (constant elasticity of substitution) utility function with an elasticity of substitution that is higher than or equal to one, we prove that the CSE is unique. Under the same preferences, we show that a higher inequality of endowments does not change the equilibrium prices of goods, and decreases the equilibrium interest rate. Our results shed light on the impact of market incompleteness on the properties of general equilibrium models.
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PDF链接：
https://arxiv.org/pdf/1906.06810

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关键词：不完全市场 一般均衡 市场经济 无风险 消费品 均衡 商品 free how preferences