| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w6382 |
| 来源ID | Working Paper 6382 |
| International Portfolio Diversification and Labor\/Leisure Choice | |
| Urban J. Jermann | |
| 发表日期 | 1998 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | When marginal utility of consumption depends on leisure, investors will take this into account when allocating their wealth among different assets. This paper presents a multi-country general equilibrium model driven by productivity shocks, where labor-leisure and consumption are chosen endogenously. We use this framework to study the effect of leisure for optimal international diversification. We find that in the symmetric case the model's ability to help explain home-bias depends crucially on the level of substitutability between consumption and leisure. |
| 主题 | International Economics ; International Finance ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w6382 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/563886 |
| 推荐引用方式 GB/T 7714 | Urban J. Jermann. International Portfolio Diversification and Labor\/Leisure Choice. 1998. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w6382.pdf（705KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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