Convenience Yields and Exchange Rate Puzzles
收藏NBER2024-01-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w32092
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资源简介：
We introduce safe asset demand for dollar-denominated bonds into a tractable incomplete-market model of exchange rates. The convenience yield on dollar bonds enters as a stochastic wedge in the Euler equations for exchange rate determination. This wedge reduces the pass-through from marginal utility
提供机构：
美国国家经济研究局
创建时间：
2024-01-01
