학술저널
Monetary Growth Volatility and Asset Prices in a Two-Country Cash-in Advance Model
Monetary Growth Volatility and Asset Prices in a Two-Country Cash-in Advance Model
- 세종대학교 경제통합연구소
- Journal of Economic Integration
- 제7권 제1호
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1992.0380 - 101 (22 pages)
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This paper contributes to the existing literature in the cash-in-advance asset-pricing general equilibrium model for open economies by showing that if one allows for a variable velocity of circulation in the domestic and/or foreign economy, the responses of assets, currencies, and relative prices to changes in the conditional variance of the domestic and/or foreign monetary growth process are critically different from the case where the velocities of circulation are constant.
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