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Rich by Accident : the Second Welfare Theorem with a Redundant Asset Under Imperfect Foresight
http://hdl.handle.net/2261/0002008371
http://hdl.handle.net/2261/00020083713f8c23ca-d7df-4cb4-9e46-af23dd0084f9
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
cb-wp048.pdf (491 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 | 2024-03-08 | |||||||||
| タイトル | ||||||||||
| タイトル | Rich by Accident : the Second Welfare Theorem with a Redundant Asset Under Imperfect Foresight | |||||||||
| 言語 | en | |||||||||
| 言語 | ||||||||||
| 言語 | eng | |||||||||
| キーワード | ||||||||||
| 言語 | en | |||||||||
| 主題Scheme | Other | |||||||||
| 主題 | General equilibrium | |||||||||
| キーワード | ||||||||||
| 言語 | en | |||||||||
| 主題Scheme | Other | |||||||||
| 主題 | Efficient temporary equilibrium | |||||||||
| キーワード | ||||||||||
| 言語 | en | |||||||||
| 主題Scheme | Other | |||||||||
| 主題 | Endogenous price forecasts | |||||||||
| キーワード | ||||||||||
| 言語 | en | |||||||||
| 主題Scheme | Other | |||||||||
| 主題 | Redundant Assets | |||||||||
| 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 consider a multiperiod (T-period) model with no uncertainty where short term bonds co-exist with a long term bond. Markets are complete with just the short term bonds so that under the usual hypothesis of perfect foresight, the long term bond is redundant by no arbitrage in that it has no allocational implications. We dispense with perfect foresight, derive appropriate no arbitrage conditions and show that the presence of the long term bond has significant allocational implica- tions. Specifically, in the model with just the short term bond, we show that a T dimensional subset of efficient allocations can arise as Walrasian equilibria whereas the dimension of efficient allocations is one less than the number of households (as- sumed to be much larger than T). In the model with the both types of bonds, essentially all efficient allocations might arise as Walrasian equilibria; minute errors in forecasting prices might generate all income transfers that are consistent with efficiency. We argue that the beneficiaries of such unanticipated income transfers are determined not by the superiority of forecasts but rather by accident. (JEL classification numbers: D51, D53, D61) | |||||||||
| 言語 | en | |||||||||
| 書誌情報 |
en : Working Papers on Central Bank Communication 巻 048, 発行日 2024-03-07 |
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| 出版者 | ||||||||||
| 出版者 | Research Project on Central Bank Communication | |||||||||
| 言語 | en | |||||||||
| 関係URI | ||||||||||
| 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/ | |||||||||
