International Portfolio Diversification and Endogenous Labour Supply Choice

Urban Jermann

Weiss Center Working Papers from Wharton School - Weiss Center for International Financial Research

Abstract: This paper presents a multi-country general equilibrium model driven by productivity shocks, where labor supply and consumption are chosen endogenously. Weuse this framework to study the effect of labor supply for optimal international diversification. We find that the model's ability to help explain home-bias depends crucially on the level of substituability between consumption and non-working time.

Keywords: FINANCIAL ASSETS; INTERNATIONAL FINANCE (search for similar items in EconPapers)
JEL-codes: F30 G11 (search for similar items in EconPapers)
Pages: 22 pages
Date: 1998
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Journal Article: International portfolio diversification and endogenous labor supply choice (2002)
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Persistent link: https://EconPapers.repec.org/RePEc:fth:pennif:98-06

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