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For a general class of pure exchange OLG economies under uncertainty, we provide a complete characterization of the efficiency properties of competitive equi-libria 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)

- 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)

- 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

- Subir Chattopadhyay
- J. Economic Theory
- 2006

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)

Overview The module serves as an introduction to formulating and analysing economic problems in a mathematically rigorous manner. It is aimed primarily at those doctoral students who wish to work in areas in which they will have to read material that is technically demanding. There will be lectures on optimisation, a narrow area that will be studied in some… (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)

1 We are indebted to Rajeev Bhattacharjee, Subir Chattopadhyay, Enrico Minelli and a number of seminar and conference participants for their comments and suggestions. The errors, of course, are ours. Abstract In this paper we first explore the predictive power of the solution notion called conservative stable standard of behaviour (CSSB), introduced by… (More)

Consider a one step forward looking self-referential model with a one dimensional state variable where the information set available to agents when they make their forecast for the next period includes the current realization of an extrinsic random process but does not include the current value of the state variable. Agents thus iterate twice on their… (More)

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