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A Fiscal Theory of the Currency Risk Premium and of Sterilized Intervention
By:Michael Kumhof,Stijnvan Nieuwerburgh
Published on 2002-02-01 by International Monetary Fund

This paper develops a dynamic stochastic general equilibrium monetary portfolio choice model that accomplishes two objectives. First, it provides a theory of currency risk premia based on a weak and plausible form of fiscal nonneutrality. Domestic and foreign bonds become imperfect substitutes, the uncovered interest parity condition is replaced with a portfolio balance equation, and the central bank can separately choose the growth rate of its nominal anchor and the domestic bond interest rate. Second, it can turn be shown that, and how, sterilized intervention affects equilibrium allocations and prices.

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Book ID of A Fiscal Theory of the Currency Risk Premium and of Sterilized Intervention's Books is C0cy3VxWJQsC, Book which was written byMichael Kumhof,Stijnvan Nieuwerburghhave ETAG "fWjJpqHAQm4"

Book which was published by International Monetary Fund since 2002-02-01 have ISBNs, ISBN 13 Code is and ISBN 10 Code is

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