Publication: Disaggregation of excess demand and comparative statics with incomplete markets and nominal assets
Disaggregation of excess demand and comparative statics with incomplete markets and nominal assets
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Gottardi, P., & Hens, T. (1999). Disaggregation of excess demand and comparative statics with incomplete markets and nominal assets. Economic Theory, 13(2), 287–308. https://doi.org/10.1007/s001990050255
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We prove that locally, Walras' law and homogeneity characterize the structure of market excess demand functions when financial markets are incomplete and assets' returns are nominal. The method of proof is substantially different from all existing arguments as the properties of individual demand are also different. We show that this result has important implications and is part of a more general result that excess demand is an essentially arbitrary function not just of prices, but also of the exogenous parameters of the economy as ass
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- Gottardi, Piero
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Gottardi, P., & Hens, T. (1999). Disaggregation of excess demand and comparative statics with incomplete markets and nominal assets. Economic Theory, 13(2), 287–308. https://doi.org/10.1007/s001990050255