Appendix 1. Proof of Proposition 1 The ﬁrst-order condition with respect to li,δ,t implies that each agent sells only the fraction of the agent’s capital whose shadow value is exceeded by the market price, Qt : li, - Shadow price - Document - PDFSEARCH.IO

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	Appendix 1. Proof of Proposition 1 The ﬁrst-order condition with respect to li,δ,t implies that each agent sells only the fraction of the agent’s capital whose shadow value is exceeded by the market price, Qt : li, Add to Reading List Document Date: 2014-08-29 10:02:00 Open Document File Size: 274,83 KB Share Result on Facebook Company Dynamic Bank Capital / / IndustryTerm bank deposits / bank equity / bank / / Position Rt / HB / / PublishedMedium International Journal of Central Banking / /

Appendix 1. Proof of Proposition 1 The ﬁrst-order condition with respect to li,δ,t implies that each agent sells only the fraction of the agent’s capital whose shadow value is exceeded by the market price, Qt : li,Add to Reading List