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    • Fiat money and the value of binding portfolio constraints 

      Páscoa, Mário R.; Petrassi, Myrian; Torres Martínez, Juan Pablo (Springer, 2011-02)
      We establish necessary and sufficient conditions for the individual optimality of a consumption-portfolio plan in an infinite horizon economy where agents are uniformly impatient and fiat money is the only asset available ...
    • Long-lived Collateralized Assets and Bubbles 

      Araujo, Aloisio; Páscoa, Mário; Torres Martínez, Juan Pablo (Universidad de Chile, Facultad de Economía y Negocios, 2008)
      When infinite-lived agents trade long-lived assets secured by durable goods, equilibrium exists without any additional debt constraints or uniform impatience conditions on agents' characteristics. Also, regardless of ...