The International Diversification Puzzle when Goods Prices Are Sticky : It's Really About Exchange-Rate Hedging, not Equity Portfolios /
This paper develops a two-country monetary DSGE model in which households choose a portfolio of home and foreign equities, and a forward position in foreign exchange. Some nominal goods prices are sticky. Trade in these assets achieves the same allocations as trade in a complete set of nominal state...
| Egile nagusia: | |
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| Beste egile batzuk: | |
| Formatua: | Aldizkaria |
| Hizkuntza: | English |
| Argitaratua: |
Washington, D.C. :
International Monetary Fund,
2009.
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| Saila: | IMF Working Papers; Working Paper ;
No. 2009/012 |
| Sarrera elektronikoa: | Full text available on IMF |