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Unique equilibrium in a dynamic model of crises with frictions

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This paper studies a dynamic model of crises with timing frictions that combines the main aspects of Morris and Shin (1998) and Frankel and Pauzner (2000). The usual arguments for existence and uniqueness of equilibrium cannot be applied. It is shown that the model has a unique equilibrium within the class of threshold equilibria.

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en

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application/pdf

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http://eprints.lse.ac.uk/4907/1/unique_equilibrium_in_a_dynamic_model_of_crises_with_frictions_LSERO.pdf

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