Convenience Yields and Exchange Rate Puzzles
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https://www.nber.org/papers/w32092
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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
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美国国家经济研究局创建时间：
2024-01-01
