search query: @author Thomas, C. / total: 8
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| Author: | Thomas, C. |
| Title: | The role of fiscal policy in an incomplete markets framework |
| Journal: | Review of Economic Studies
1995 : JUL, VOL. 62:3(212), p. 449-468 |
| Index terms: | ROLES POLICY MARKETS |
| Language: | eng |
| Abstract: | 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 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. |
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