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A Shortterm Macroeconomic Model of Portfolio
Exchange Rates and Trade Balances under the Dollar Standard
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accumulation Asian financial crisis Backus and Kehoe Balance and Exchange central bank Chapter conflicted virtue consumption creditor countries creditor economies currency appreciation currency risk premium current account surplus decrease denominated discrete exchange rate dissertation dollar assets dollar debts dollar standard domestic absorption domestic assets domestic currency domestic interest rate domestic investment domestic price level domestic-currency East Asian economies equilibrium exchange rate changes Figure financial firm fixed exchange rate foreign bonds foreign claims foreign currency foreign exchange interventions foreign exchange market foreign exchange reserves foreign exchange risk foreign interest rate foreign-currency government bonds growth path improve the trade increases insular economy inter-temporal optimization model Japan macroeconomic McKinnon monetary policies money market money supply negative risk premium nominal interest rate official foreign exchange open economies portfolio balance model premia price equation private investors privately held foreign real exchange rate sterilized intervention Tableau trade balance trade surplus unsterilized wealth effect zero zero-interest liquidity trap