Economic dynamics of defaults in a heterogeneous world

Yannis D. Tsafos
This thesis investigates the inter-relationship between incomplete market arrangements, limited commitment in financial contracts and endogenous unsecured consumer bankruptcies in a heterogeneous agent general equilibrium framework. There are three chapters that complete this thesis. The following describes a brief abstract of the three chapters. Chapter 1: We construct a general equilibrium heterogeneous agent model where a continuum of ex-ante identical agents face uninsurable idiosyncratic shocks. Consumption insurance is restricted to a financial contract in the...
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