Stationary Equilibria in Asset-Pricing Models with Incomplete Markets and Collateral
不完全市场与抵押约束资产定价模型中的平稳均衡
We consider an infinite-horizon exchange economy with incomplete markets and collateral constraints. As in the two-period model of Geanakoplos and Zame (2002), households can default on their liabilities at any time, and financial securities are only traded if the promises associated with these securities are backed by collateral. We examine an economy with a single perishable consumption good, where the only collateral available consists of productive assets. In this model,…