  We construct continuous-time equilibrium models based on a finite number of
exponential utility investors. The investors' income rates as well as the
stock's dividend rate are governed by discontinuous Levy processes. Our main
result provides the equilibrium (i.e., bond and stock price dynamics) in
closed-form. As an application, we show that the equilibrium Sharpe ratio can
be increased and the equilibrium interest rate can be decreased
(simultaneously) when the investors' income streams cannot be traded.
