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Fiscal Nonneutrality and Portfolio Balance
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account equation afdBt allocations and prices Appendix asset market assume cash constraint central bank closed form conjecture ctdt currency denominated bonds currency risk currency risk premium domestic assets domestic bonds domestic currency bonds domestic currency denominated drift and diffusion effects emerging markets endogenous exchange rate depreciation exchange rate jump exchange rate risk exchange rate volatility expected government spending fiscal neutrality foreign bonds geometric Brownian motion government policy Hamilton-Jacobi-Bellman equation higher interest rates households implies increase initial conditions interest rate iqt Jensen's inequality lump-sum taxes monetary policy money supply nominal exchange rate nominal interest rate nominal money Obstfeld oo almost surely open market operations piece-wise constant portfolio balance portfolio share premia rate jump Eq real money balances risk premium steady sterilized intervention sticky price stochastic processes Stock Operations Stulz time-varying tradable unanticipated uncovered interest parity unsterilized value function wealth