不完全资产市场均衡论

Equilibrium Theory with Incomplete Asset Markets

介绍不完全资产市场均衡理论的若干重要结果及JohnGeanakoplos的一些重要思想．不完全资产市场均衡论研究证券与商品的定价原理，以及完全竞争资产市场与商品市场在确定消费与投资中的相互作用．由于金融经济学关心的主要是证券定价，而宏观经济学关心的是货币资产的实际效应，因此，不完全资产市场均衡理论提供了一种涉及众多领域的微观经济分析框架．介绍这方面的研究情况，同时提出一些问题，供进一步讨论．

This paper is designed to introduce the main framework and major results of the theory of general equilibrium with incomplete asset market(or GEI theory).GEI involves mainly the study of the pricing of securities and commodities, and the interactions of perfectly competitive asset markets and commodity markets in determining consumption and investment. GEI has a wide field of applications in monetary theory and financial economics, and is especially useful for the construction of socialist market economy and stock economy. Some other related problems are proposed and discussed in this paper.