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dc.contributor.authorTille, Cédricen_US
dc.date.accessioned2012-08-17T14:28:11Z-
dc.date.available2012-08-17T14:28:11Z-
dc.date.issued2000en_US
dc.identifier.urihttp://hdl.handle.net/10419/60651-
dc.description.abstractThis paper evaluates the consequences of the integration of international asset markets when goods markets are characterized by price rigidities. Using an open economy general equilibrium model with volatility in the money markets, we show that such an integration is not universally beneficial. The country with the more volatile shocks will benefit whereas the country where the volatility of shocks is moderate will suffer. The welfare effects reflect changes in the terms of trade that occur because forward looking price setters adjust to the changes in exchange rate volatility brought about by the integration of international asset markets.en_US
dc.language.isoengen_US
dc.publisherFederal Reserve Bank of New York New York, NYen_US
dc.relation.ispartofseriesStaff Report, Federal Reserve Bank of New York 114en_US
dc.subject.jelF33en_US
dc.subject.jelF36en_US
dc.subject.jelF41en_US
dc.subject.jelF42en_US
dc.subject.ddc330en_US
dc.subject.keywordinternational risk sharing, terms of tradeen_US
dc.subject.stwInternationaler Finanzmarkten_US
dc.subject.stwMarktintegrationen_US
dc.subject.stwUnvollkommener Markten_US
dc.subject.stwGüteren_US
dc.subject.stwPreisrigiditäten_US
dc.subject.stwGeldmengeen_US
dc.subject.stwSchocken_US
dc.subject.stwZwei-Länder-Modellen_US
dc.subject.stwTheorieen_US
dc.titleIs the integration of world asset markets necessarily beneficial in the presence of monetary shocks?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn32220979Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Staff Reports, Federal Reserve Bank of New York

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