International Risk Sharing is Better Than You Think (or Exchange Rates are Much Too Smooth)
收藏NBER2001-07-01 更新2025-01-04 收录
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https://www.nber.org/papers/w8404
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资源简介：
Exchange rates depreciate by the difference between the domestic and foreign marginal utility growths. Exchange rates vary a lot, as much as 10% per year. However, equity premia imply that marginal utility growths vary much more, by at least 50% per year. This means that marginal utility growths
提供机构：
美国国家经济研究局
创建时间：
2001-07-01
