General Equilibrium with Endogenously Incomplete Financial Markets
研究了一类存在不完全竞争金融中介和价格接受消费者的广义均衡经济，中介最优选择证券和买卖价差，市场因中介成本而内生不完全。证明了均衡存在性，并发现即使中介只发行名义证券且市场不完全，仍能实现完全指数化和货币中性，与既有文献的不确定性和非中性结论形成对比。
The present paper studies a class of general equilibrium economies with imperfectly competitive financial intermediaries and price-taking consumers. Intermediaries optimally choose the securities they issue and the bid–ask spread they charge. Financial intermediation is costly, and hence markets are endogenously incomplete. An appropriate equilibrium concept is developed, and existence is proved. Competitive equilibria for this class of economies display full indexation of securities payoffs and monetary neutrality even if intermediaries are restricted to issue “nominal” securities and financial markets turn out to be incomplete. This is in sharp contrast with the indeterminacy and non-neutrality results established in the literature for incomplete markets economies with exogenously given “nominal” securities.Journal of Economic LiteraturClassification Numbers: D52, G20.