The International Diversification Puzzle when Goods Prices Are Sticky: It's Really About Exchange-Rate Hedging, not Equity Portfolios
This paper develops a two-country monetary DSGE model in which households choose a portfolio of home and foreign equities, and a forward position in foreign exchange. Some nominal goods prices are sticky. Trade in these assets achieves the same allocations as trade in a complete set of nominal state...
Gespeichert in:
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2009
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 09/12 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | This paper develops a two-country monetary DSGE model in which households choose a portfolio of home and foreign equities, and a forward position in foreign exchange. Some nominal goods prices are sticky. Trade in these assets achieves the same allocations as trade in a complete set of nominal state-contingent claims in our linearized model. When there is a high degree of price stickiness, we show that not much equity diversification is required to replicate the complete-markets equilibrium when agents are able to hedge foreign exchange risk sufficiently. Moreover, temporarily sticky nominal goods prices can have large effects on equity portfolios even when dividend processes are very persistent |
| Beschreibung: | 1 Online-Ressource (47 p) |
| ISBN: | 1451871597 9781451871593 |
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| index_date | 2024-07-03T20:13:28Z |
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| spelling | Matsumoto, Akito Verfasser aut The International Diversification Puzzle when Goods Prices Are Sticky It's Really About Exchange-Rate Hedging, not Equity Portfolios Matsumoto, Akito Washington, D.C International Monetary Fund 2009 1 Online-Ressource (47 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 09/12 This paper develops a two-country monetary DSGE model in which households choose a portfolio of home and foreign equities, and a forward position in foreign exchange. Some nominal goods prices are sticky. Trade in these assets achieves the same allocations as trade in a complete set of nominal state-contingent claims in our linearized model. When there is a high degree of price stickiness, we show that not much equity diversification is required to replicate the complete-markets equilibrium when agents are able to hedge foreign exchange risk sufficiently. Moreover, temporarily sticky nominal goods prices can have large effects on equity portfolios even when dividend processes are very persistent Online-Ausg Engel, Charles Sonstige oth http://elibrary.imf.org/view/IMF001/09821-9781451871593/09821-9781451871593/09821-9781451871593.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Matsumoto, Akito The International Diversification Puzzle when Goods Prices Are Sticky It's Really About Exchange-Rate Hedging, not Equity Portfolios |
| title | The International Diversification Puzzle when Goods Prices Are Sticky It's Really About Exchange-Rate Hedging, not Equity Portfolios |
| title_auth | The International Diversification Puzzle when Goods Prices Are Sticky It's Really About Exchange-Rate Hedging, not Equity Portfolios |
| title_exact_search | The International Diversification Puzzle when Goods Prices Are Sticky It's Really About Exchange-Rate Hedging, not Equity Portfolios |
| title_exact_search_txtP | The International Diversification Puzzle when Goods Prices Are Sticky It's Really About Exchange-Rate Hedging, not Equity Portfolios |
| title_full | The International Diversification Puzzle when Goods Prices Are Sticky It's Really About Exchange-Rate Hedging, not Equity Portfolios Matsumoto, Akito |
| title_fullStr | The International Diversification Puzzle when Goods Prices Are Sticky It's Really About Exchange-Rate Hedging, not Equity Portfolios Matsumoto, Akito |
| title_full_unstemmed | The International Diversification Puzzle when Goods Prices Are Sticky It's Really About Exchange-Rate Hedging, not Equity Portfolios Matsumoto, Akito |
| title_short | The International Diversification Puzzle when Goods Prices Are Sticky |
| title_sort | the international diversification puzzle when goods prices are sticky it s really about exchange rate hedging not equity portfolios |
| title_sub | It's Really About Exchange-Rate Hedging, not Equity Portfolios |
| url | http://elibrary.imf.org/view/IMF001/09821-9781451871593/09821-9781451871593/09821-9781451871593.xml |
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