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On the Welfare Role of Redundant Assets with Heterogeneous Forecasts
http://hdl.handle.net/2261/0002006157
http://hdl.handle.net/2261/000200615789d00ceb-87a3-4759-a8df-2ac4d8bfe0fa
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
cb-wp046.pdf (258 KB)
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| Item type | テクニカルレポート / Technical Report(1) | |||||||||
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| 公開日 | 2023-03-20 | |||||||||
| タイトル | ||||||||||
| タイトル | On the Welfare Role of Redundant Assets with Heterogeneous Forecasts | |||||||||
| 言語 | en | |||||||||
| 言語 | ||||||||||
| 言語 | eng | |||||||||
| 資源タイプ | ||||||||||
| 資源 | http://purl.org/coar/resource_type/c_18gh | |||||||||
| タイプ | technical report | |||||||||
| 著者 |
Chatterji, Shurojit
× Chatterji, Shurojit
× Kajii, Atsushi
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| 著者所属 | ||||||||||
| 言語 | en | |||||||||
| 著者所属 | Singapore Management University | |||||||||
| 著者所属 | ||||||||||
| 言語 | en | |||||||||
| 著者所属 | Kwansei Gakuin University | |||||||||
| 抄録 | ||||||||||
| 内容記述タイプ | Abstract | |||||||||
| 内容記述 | We study a multiperiod model with a nominal bond that matures in one period and identify the set of effcient allocations that can be sustained as Walrasian equilibria with heterogeneous forecasts. We next add a long maturity bond, which under perfect foresight would be a redundant asset, and show that it fundamentally expands the set of effcient allocations that can be sustained as Walrasian equilibria. Indeed all wealth transfers compatible with effciency can arise endogenously. The key feature driving this conclusion are forecasting errors, which lead to ex post arbitrage opportunities that induce these income transfers. (JEL classification numbers: D51, D53, D61) | |||||||||
| 言語 | en | |||||||||
| 書誌情報 |
en : Working Papers on Central Bank Communication 巻 046, 発行日 2023-03 |
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| 出版者 | ||||||||||
| 出版者 | Research Project on Central Bank Communication | |||||||||
| 言語 | en | |||||||||
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| 関連タイプ | isPartOf | |||||||||
| 識別子タイプ | URI | |||||||||
| 関連識別子 | https://www.centralbank.e.u-tokyo.ac.jp/en/category/research/ | |||||||||
