Debt and welfare in economies with land
在一个面临不可保险风险的随机代际交叠经济中，即使存在长期资产且禁止卖空，债务也能实现帕累托改进的福利提升。
In a stochastic economy of overlapping generations subject to uninsurable risks, debt can implement Pareto improvements in welfare. This is the case even in the presence of long-lived assets and no short sales.