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dc.contributor.authorTille, Cédricen
dc.date.accessioned2012-08-17T14:28:11Z-
dc.date.available2012-08-17T14:28:11Z-
dc.date.issued2000-
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
dc.language.isoengen
dc.publisher|aFederal Reserve Bank of New York |cNew York, NYen
dc.relation.ispartofseries|aStaff Report |x114en
dc.subject.jelF33en
dc.subject.jelF36en
dc.subject.jelF41en
dc.subject.jelF42en
dc.subject.ddc330en
dc.subject.keywordinternational risk sharing, terms of tradeen
dc.subject.stwInternationaler Finanzmarkten
dc.subject.stwMarktintegrationen
dc.subject.stwUnvollkommener Markten
dc.subject.stwGüteren
dc.subject.stwPreisrigiditäten
dc.subject.stwGeldmengeen
dc.subject.stwSchocken
dc.subject.stwZwei-Länder-Modellen
dc.subject.stwTheorieen
dc.titleIs the integration of world asset markets necessarily beneficial in the presence of monetary shocks?-
dc.typeWorking Paperen
dc.identifier.ppn32220979Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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