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- Ignacio Conde-Ruiz, Klaus Desmet, +5 authors Javier Vallés
- 2005

This paper uses an overlapping generations model to analyze monetary policy in a two-country model with asymmetric shocks. Agents insure against risk through the exchange of a complete set of real securities. Each central bank is able to commit to the contingent monetary policy rule that maximizes domestic welfare. In an attempt to improve their country’s… (More)

For a general class of pure exchange OLG economies under uncertainty, we provide a complete characterization of the efficiency properties of competitive equilibria when markets are only sequentially complete and the criterion of efficiency is conditional Pareto optimality. We also consider a particular case in which markets fail to be even sequentially… (More)

- Pablo Beker, Subir Chattopadhyay
- J. Economic Theory
- 2010

We introduce a methodology for analysing infinite horizon economies with two agents, one good, and incomplete markets. We provide an example in which an agent’s equilibrium consumption is zero eventually with probability one even if she has correct beliefs and is marginally more patient. We then prove the following general result: if markets are effectively… (More)

- Subir Chattopadhyay
- J. Economic Theory
- 2008

We consider an infinite horizon economy with incomplete markets with two agents and one good. We begin with an example in which an agent’s consumption is zero eventually with probability one even if she has correct beliefs and is marginally more patient. We then provide two general results: (a) a precise statement indicating that if markets are effectively… (More)

- Subir Chattopadhyay
- J. Economic Theory
- 2006

In this note we study the relevance of using contingent commodity allocations when states are not directly contractible. In such a setting, a contingent commodity allocation takes the form of a social choice function, and the question is whether this function is implementable. Using only very mild assumptions on the rule for selecting contingent commodity… (More)

In this paper we first explore the predictive power of the solution notion called conservative stable standard of behaviour (CSSB), introduced by Greenberg (1990) in environments with farsighted players (as modelled in Xue (1998)) as intuitively it is quite nice. Unfortunately, we find that CSSB has a number of undesirable properties. Therefore, we… (More)

- Mauro Bambi, Christopher Carroll, +6 authors Albert Marcet
- 2012

In the literature, habit formation has been often introduced to enhance the agents’ desire to smooth consumption over time. This characteristic was found particularly useful in solving the equity premium puzzle and in matching several stylized facts in growth, and business cycles theory as, for example, the high persistence in the U.S. output volatility. In… (More)

We consider pure exchange, one good OLG economies under stationary Markov uncertainty. It is known that when markets are sequentially complete, a stationary equilibrium at which the agents common matrix of intertemporal rates of substitution has a Perron root which is less than or equal to one is conditionally Pareto optimal (CPO). We assume that there… (More)