Monetary policy and portfolio choice in an open economy macro model

  • Devereux M
  • Sutherland A
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Abstract

This paper explores the role of monetary policy in an open economy in an environment of endogenous portfolio choice. The model is simple enough to allow solutions for optimal portfolios to be derived analytically for a range of different asset market environments. We explore the impact of monetary policy on national bond and equity portfolios in environments where assets markets are either complete or incomplete.

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