Browsing ECO Working Papers by Subject "D52"

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Browsing ECO Working Papers by Subject "D52"

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    Title: Risk-Sharing and Retrading in Incomplete Markets  Author(s): GOTTARDI, Piero; RAHI, Rohit Date: 2012 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: At a competitive equilibrium of an incomplete-markets economy agents’ marginal valuations for the tradable assets are equalized ex-ante. We characterize the finest partition of the state space conditional on which this ...
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    Title: Optimal Taxation and Constrained Inefficiency in an Infinite-Horizon Economy with Incomplete Markets  Author(s): GOTTARDI, Piero; KAJII, Atsushi; NAKAJIMA, Tomoyuki Date: 2011-01-01 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We study the dynamic Ramsey problem of finding optimal public debt and linear taxes on capital and labor income within a tractable infinite horizon model with incomplete markets. With zero public expenditure and debt, it ...
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    Title: Value of Information in Competitive Economies with Incomplete Markets  Author(s): GOTTARDI, Piero; RAHI, Rohit Date: 2010 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: We study the value of information in a competitive economy in which agents trade in asset markets to reallocate risk. We characterize the kinds of information that allow a welfare improvement when portfolios can be freely ...
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    Title: Markets and Contracts  Author(s): BISIN, Alberto; GEANAKOPOLS, John; GOTTARDI, Piero; MINELLI, Enrico; POLEMARCHAKIS, Herakles Date: 2010 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Economies with asymmetric information are encompassed by an extension of the model of general competitive equilibrium that does not require an explicit modeling of private information. Sellers have discretion over ...
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    Title: Stationary Equilibrium Distributions in Economies with Limited Commitment  Author(s): BROER, Tobias Date: 2009 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: Limited commitment to contracts can explain imperfect risk sharing even when individuals have access to complete insurance markets. Past contributions have focused on the resulting cross-sectional distribution of consumption ...
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    Title: The Saving Glut Explanation of Global Imbalances. The Role of Underinvestment  Author(s): CORNELI, Flavia Date: 2009 Type of Publication: Working Paper Series/Report no.: EUI ECO Abstract: According to the “Saving Glut hypothesis”, global imbalances are caused by inefficiently high level of precautionary savings in .nancially underdeveloped regions, where agents have limited opportunity to diversify idiosyncratic ...