Theory of Incomplete Markets, Vol. 1
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| Автор | | Michael Magill, Martine Quinzii |
| Издатель | | Blackwell Publishers |
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Содержание:
History and Politics, The Treatment of Capitalism by Historians, The Anticapitalist Bias of American Historians, The Treatment of Capitalism by Continental Intellectuals, The Standard of Life of the Workers in England, 1790-1830, The Factory System of the Early Nineteenth Century
Описание:
The Theory of Incomplete Markets provides a unified framework for analyzing the real, financial, and monetary sectors of an economy. It describes an innovative theory that takes into account the fact that in order to coordinate their activities and share their risks, agents are forced by the imperfections in their knowledge and their propensity for opportunistic behavior to trade sequentially and to make only limited contractual commitments into the future. This book studies the consequences of trading with such a sequential and incomplete market structure for the equilibria of an economy: competitive markets no longer provide the ideal way of allocating resources and even with rational expectations monetary policy is nonneutral. The theory presented in this book retains the simplicity, coherence, and generality that are the hallmarks of traditional general equilibrium theory, while moving the nature of the markets, contracts, and constraints on agent participation...Похожие книги
