Cahier de Recherche du Groupe HEC Paris, n° 684We compare rational expectations equilibria with different degrees of information revelation through prices. These equilibria arise in a two-period exchange economy with finitely many states and signals, multiple commodities and incomplete financial markets for nominal assets. We show that there are always equilibria where information is redundant in the sense of being of no value to the uninformed traders. We give conditions under which for a generic set of economies, parametrized by endowments and utilities, there exist open sets of equilibria for which allocative and informational efficiency are independent, with implications for monetary policy
URL des Documents de travail : https://centredeconomiesorbonne.univ-paris1.fr/documents-de-travail-d...
We characterize the divergence between informational and economic efficiency in a rational expectati...
In a pure exchange economy with differential information, there may be ex-post Pareto-dominant core ...
Cahier de Recherche du Groupe HEC Paris, n° 684We compare rational expectations equilibria with diff...
We compare rational expectations equilibria with different degrees of information revelation through...
In this paper we compare rational expectations equilibria with different degrees of information reve...
The paper demonstrates the generic existence of general equilibria in incomplete markets with asymme...
Cahier de Recherche du Groupe HEC Paris, n° 681We consider an incomplete financial market exchange e...
In this paper we provide a characterization of the welfare properties of rational expectations equil...
We consider an incomplete financial market exchange economy with nominal assets and a finite number ...
We study the value of information in a competitive economy in which agents trade in asset markets to...
URL des Documents de travail : https://centredeconomiesorbonne.cnrs.fr/publications/Voir aussi l'art...
This paper demonstrates the generic existence of general equilibria in incomplete markets. Our econo...
Abstract: In [Grossman and Stiglitz, 1980], it is argued that in a rational expectations setting the...
URL des Documents de travail : https://centredeconomiesorbonne.univ-paris1.fr/documents-de-travail-d...
We characterize the divergence between informational and economic efficiency in a rational expectati...
In a pure exchange economy with differential information, there may be ex-post Pareto-dominant core ...
Cahier de Recherche du Groupe HEC Paris, n° 684We compare rational expectations equilibria with diff...
We compare rational expectations equilibria with different degrees of information revelation through...
In this paper we compare rational expectations equilibria with different degrees of information reve...
The paper demonstrates the generic existence of general equilibria in incomplete markets with asymme...
Cahier de Recherche du Groupe HEC Paris, n° 681We consider an incomplete financial market exchange e...
In this paper we provide a characterization of the welfare properties of rational expectations equil...
We consider an incomplete financial market exchange economy with nominal assets and a finite number ...
We study the value of information in a competitive economy in which agents trade in asset markets to...
URL des Documents de travail : https://centredeconomiesorbonne.cnrs.fr/publications/Voir aussi l'art...
This paper demonstrates the generic existence of general equilibria in incomplete markets. Our econo...
Abstract: In [Grossman and Stiglitz, 1980], it is argued that in a rational expectations setting the...
URL des Documents de travail : https://centredeconomiesorbonne.univ-paris1.fr/documents-de-travail-d...
We characterize the divergence between informational and economic efficiency in a rational expectati...
In a pure exchange economy with differential information, there may be ex-post Pareto-dominant core ...