A Fiscal Theory of the Currency Risk Premium and of Sterilized Intervention /
This paper develops a dynamic stochastic general equilibrium monetary portfolio choice model that accomplishes two objectives. First, it provides a theory of currency risk premia based on a weak and plausible form of fiscal nonneutrality. Domestic and foreign bonds become imperfect substitutes, the...
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| Materyal Türü: | Dergi |
| Dil: | English |
| Baskı/Yayın Bilgisi: |
Washington, D.C. :
International Monetary Fund,
2002.
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| Seri Bilgileri: | IMF Working Papers; Working Paper ;
No. 2002/029 |
| Online Erişim: | Full text available on IMF |