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Many monetary and fiscal policy decision makers and economists hold the view that exchange rates are volatile even though nominal exchange rates vary less than many other financial market prices and yields. This paper seeks an explanation for this puzzle by contrasting exchange rate dynamics in...
Persistent link: https://www.econbiz.de/10010796537
This paper uses a stochastic growth model with consumption, saving, portfolio choice between real capital and government bonds and money holding as a cash-in-advance constraint. It shows that money supply changes due to government expenditure changes or open market operations are never...
Persistent link: https://www.econbiz.de/10005662273
We consider a simple general equilibrium model for the determination of asset prices together with full equilibria in the commodity and money markets. In this way portfolio aspects are introduced into a dynamic macro model which has many features from growth theory. Money holdings are modelled...
Persistent link: https://www.econbiz.de/10005666980
The authors consider a dynamic stochastic general equilibrium model with a representative consumer-investor and two producing firms. All the assets are real investments of capital into productive processes. Government expenditures, taxes, and money financing are explicitly incorporated. The...
Persistent link: https://www.econbiz.de/10005230478
In this paper we develop a stochastic monetary growth model with exogenous productivity shocks to consider the effects of changes in the financing structure of government deficits on the key variables of the economy. We study how the presence of supply-side uncertainty affects the equilibrium of...
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