| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w18646 |
| 来源ID | Working Paper 18646 |
| On the Asset Market View of Exchange Rates | |
| A. Craig Burnside; Jeremy J. Graveline | |
| 发表日期 | 2012-12-21 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | If the asset market is complete then the difference between foreign and domestic agents' log intertemporal marginal rates of substitution (IMRSs) equals the log change in the real exchange rate. This equation is frequently used to argue that changes in real exchange rates reflect differences between agents' required compensation for exposure to asset return uncertainty. We show that the relative returns on frictionlessly traded assets are only reflected in the common component of agents' IMRSs, not differences. Instead, when this equation does offer insights, frictions in the goods market are the source of economic distinction between agents. |
| 主题 | International Economics ; International Finance ; Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w18646 |
| 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/576321 |
| 推荐引用方式 GB/T 7714 | A. Craig Burnside,Jeremy J. Graveline. On the Asset Market View of Exchange Rates. 2012. |
| 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 | ||
| w18646.pdf（476KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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