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...
| Autor principal: | |
|---|---|
| Outros Autores: | |
| Formato: | Periódico |
| Idioma: | English |
| Publicado em: |
Washington, D.C. :
International Monetary Fund,
2009.
|
| Colecção: | IMF Working Papers; Working Paper ;
No. 2009/012 |
| Acesso em linha: | Full text available on IMF |