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|Authors:||Goenka, A. |
|Source:||Goenka, A., Prechac, C. (2006). Stabilizing sunspots. Journal of Mathematical Economics 42 (4-5 SPEC. ISS.) : 544-555. ScholarBank@NUS Repository. https://doi.org/10.1016/j.jmateco.2006.05.003|
|Abstract:||This paper analyzes stabilization of sunspot equilibria in an incomplete financial market framework. Indexation of nominal bonds or introduction of real securities can eliminate the sunspot equilibria. However, we show that the utility of one type of consumer may be minimized at a Walrasian allocation relative to other sunspot equilibrium allocations. Thus, if considering stabilization policies from the status quo of incomplete financial markets, there may be no consensus on implementing them.©2006 Elsevier B.V. All rights reserved.|
|Source Title:||Journal of Mathematical Economics|
|Appears in Collections:||Staff Publications|
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