Relative convergence and cross-section dynamics: a new approach to convergence
Gerard Kuper ()
No 95C16, Research Report from University of Groningen, Research Institute SOM (Systems, Organisations and Management)
The paper considers a (static) portfolio system that satisfies adding-up contraints and the gross substitution theorem. The paper shows the relationship of the two conditions to the weak dominant diagonal property of the matrix of interest rate elasticities. This enables to investigate the impact of simultaneous changes in interest rates on the asset demands.
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Persistent link: https://EconPapers.repec.org/RePEc:gro:rugsom:95c16
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