000098103 001 __ 98103
000098103 005 __20140529233251.0
000098103 024 8_ $9 driver $a oai:ddd.uab.cat:98103
000098103 035 __ $a oai:www.recercat.cat:2072/171817
000098103 041 __ $a eng
000098103 080 __ $a 33
000098103 100 1_ $a Arespa, Marta
000098103 245 10 $a A New open economy macroeconomic model with endogenous portfolio diversification and firms entry
000098103 260 __ $b Xarxa de Referència en Economia Aplicada (XREAP) $c 2011
000098103 300 __ $a 41 p.
000098103 520 __ $a This paper provides a new benchmark for the analysis of the international diversi…cation puzzle in a tractable new open economy macroeconomic model. Building on Cole and Obstfeld (1991) and Heathcote and Perri (2009), this model speci…es an equilibrium model of perfect risk sharing in incomplete markets, with endogenous portfolios and number of varieties. Equity home bias may not be a puzzle but a perfectly optimal allocation for hedging risk. In contrast to previous work, the model shows that: (i) optimal international portfolio diversi…cation is driven by home bias in capital goods, independently of home bias in consumption, and by the share of income accruing to labour. The model explains reasonably well the recent patterns of portfolio allocations in developed economies; and (ii) optimal portfolio shares are independent of market dynamics.
000098103 540 __ $a Aquest document està subjecte a una llicència d'ús de Creative Commons, amb la qual es permet copiar, distribuir i comunicar públicament l'obra sempre que se'n citin l'autor original, la universitat i la xarxa i no se'n faci cap ús comercial ni obra derivada, tal com queda estipulat en la llicència d'ús $u http://creativecommons.org/licenses/by-nc-nd/2.5/es/
000098103 546 __ $a Anglès.
000098103 650 _4 $a Macroeconomics
000098103 650 _4 $a Economic theory
000098103 653 __ $a Macroeconomia
000098103 653 __ $a Teoria econòmica
000098103 655 _4 $a info:eu-repo/semantics/workingPaper
000098103 710 1_ $a Xarxa de Referència en Economia Aplicada (XREAP)
000098103 762 18 $w hdl_2072_13171
000098103 830 __ $a XREAP  ; $v 2011-15
000098103 856 40 $p 41 $s 306424 $u http://ddd.uab.cat/pub/estudis/2011/hdl_2072_171817/XREAP2011-15.pdf
000098103 856 42 $3 Adreça alternativa $u http://hdl.handle.net/2072/171817
000098103 980 __ $a ESTUDIS $b UAB