Monetary Policy and Portfolio Choice Choice in an Open Economy Macro Model

Michael Devereux and Alan Sutherland ()

Journal of the European Economic Association, 2007, vol. 5, issue 2-3, 491-499

Abstract: This paper explores the role of monetary policy in an open economy in an environment of endogenous portfolio choice. The model is simple enough to allow solutions for optimal portfolios to be derived analytically for a range of different asset market environments. We explore the impact of monetary policy on national bond and equity portfolios in environments where assets markets areeither complete or incomplete. (JEL: E52, E58, F41) (c) 2007 by the European Economic Association.

Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:tpr:jeurec:v:5:y:2007:i:2-3:p:491-499

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