Incomplete Markets and Aggregate Demand

Iván Werning

NBER Working Paper No. 21448
Issued in August 2015

---- Acknowledgments ----

I thank useful discussions with Adrien Auclert and Emmanuel Farhi. Nathan Zorzi provided valuable research assistance. All remaining errors are my own. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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