The Role of Fiscal Policy in an Incomplete Markets Framework
构建了一个一般均衡模型，揭示不完全资产市场中竞争均衡存在就业不足，且平衡预算财政政策能产生帕累托改进的凯恩斯效应。
A general-equilibrium model is developed to highlight the link between neo-Keynesian models of unemployment and recent results on the constrained sub-optimality of competitive economies with incomplete asset markets. Although the model deviates from the Arrow-Debreu paradigm only by the absence of some contingent claims, the competitive equilibrium exhibits under-employment and balanced-budget fiscal policies have Keynesian effects which are Pareto improving.