EQUILIBRIUM INDETERMINACY IN A MODEL OF CONSTRAINED FINANCIAL MARKETS
构建了一个不完全市场的一般均衡模型，其中资产以计价商品支付，且代理人受限于在不同状态下交易相同数量的资产。研究发现，当无法在消费者交易受相同限制的资产对的状态间转移财富时，均衡可能不唯一，这与实物资产的标准结果不同。
I present a general equilibrium model with incomplete markets in which assets pay in units of a numéraire good. In this economy, agents are constrained to negotiate the same amount of assets in different states of the world. Different from the standard result of economies with real assets, equilibrium indeterminacy can arise, depending on the structure of the financial markets. Equilibrium fails to be unique when it is not possible to transfer wealth between states in which consumers trade a pair of assets that face the same restriction.