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- W1534807254 abstract "Using a two-country endowment economy model with incomplete asset markets, we obtain closed-form solutions for consumption dynamics and welfare. We demonstrate that welfare of the incomplete market economy can be expressed as a convex combination of that under the complete market economy and autarky. The relative weights of the convex combination depend on the persistence and spillovers of the shocks and on the discount rate. As shocks become less persistent and as agents become more patient, the incomplete market economy approaches the complete market economy, vice versa. We also show that the convex combination property holds in a production economy model with labor by solving the model with the nonlinear certainty equivalence method." @default.
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- W1534807254 date "2000-08-01" @default.
- W1534807254 modified "2023-09-27" @default.
- W1534807254 title "Patience, Persistence and Properties of Two-Country Incomplete Market Models" @default.
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