haku: @author Bennett, J. / yhteensä: 18
viite: 7 / 18
| Tekijä: | Bennett, J. Young, L. |
| Otsikko: | International stock market equilibrium with heterogeneous tastes |
| Lehti: | American Economic Review
1999 : JUN, VOL. 89:3, p. 639-648 |
| Asiasana: | ECONOMICS STOCK MARKETS INTERNATIONAL |
| Kieli: | eng |
| Tiivistelmä: | The paper considers a dynamic real exchange model of international trade in commodities and equities. Given "generalized Cobb-Douglas" intraperiod tastes that differ across countries, the authors find a closed-form solution with properties that are noteworthy, not because they reverse the authors' presumptions, but because they exceed them. A consumption-based model of international equity investment is expected to have a range of properties which are described in the article. |
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