Juan Manuel Licari

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This paper explores the role of portfolio constraints in generating multiplicity of equilibrium. We present a simple financial market economy with two goods and two households, households who face constraints on their ability to take unbounded positions in risky stocks. Absent such constraints, equilibrium allocation is unique and is Pareto efficient. With(More)
For discrete-time, infinite-horizon economies that are represented by a sequence of interrelated smooth equations, we provide sufficient conditions to guarantee regularity of equilibria on a full measure set of economies. Our approach exploits the sequential nature of a dynamic economy. An equilibrium is represented by a sequence of endogenous variables(More)
This paper explores the role of portfolio constraints in generating multiplicity of equilibrium. We present a simple asset market economy with two goods and two households, households who face constraints on their ability to take unbounded positions in risky stocks. Absent such constraints, equilibrium allocation is unique and is Pareto efficient. With a(More)
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