Title of article :
Financial globalizationandmonetarypolicy
Author/Authors :
Michael B.Devereux، نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 2008
Pages :
13
From page :
1363
To page :
1375
Abstract :
Recentdatashowsubstantialincreasesinthesizeofgrossexternalassetandliability positions.Theimplicationsofthesedevelopmentsforoptimalconductofmonetary policy areanalyzedinastandardopeneconomymodelwhichisaugmentedtoallowfor endogenous portfoliochoice.Themodelshowsthatmonetarypolicytakesonnew importanceduetoitsimpactonnominalassetreturns.Nevertheless,thecaseforprice stabilityasanoptimalmonetaryruleremains.Infact,itisreinforced.Evenwithout nominalpricerigidities,pricestabilityisoptimalbecauseitenhancestherisksharing properties ofnominalbonds
Keywords :
Portfolio choiceInternational risksharingExchangerate
Journal title :
Journal of Monetary Economics
Serial Year :
2008
Journal title :
Journal of Monetary Economics
Record number :
846255
Link To Document :
https://search.isc.ac/dl/search/defaultta.aspx?DTC=10&DC=846255
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