不完全金融市场货币平衡存在性(英)

本文研究不完全金融市场中具有货币政策的货币经济一般平衡存在性．我们只考虑纯金融市场，允许卖空，金融市场是不完全的；一些商品流不可能由交易策略得到．具有连续、弱凸性、严格单调和完全偏好，严格正初始占有和红利过程的经济则存在货币平衡．

Existence of Monetary Equilibrium with Incomplete Financial Markets

This paper analyses the general equilibrium existence in a monetary economy with monetary policy and incomplete financial markets. We restrict attention to purely financial securities. Unlimited short-selling in securities is allowed. Financial markets may be incomplete: some consumption streams may be impossible to obtain by any trading strategy. Securities may be individually precluded from trade at arbitrary states and dates. The existence of such an equilibrium is proved under the following conditions: continuous, Weakly conVex, strictly monotonic and complete preferences, strictly positive endowments and dividends processes.