CONSUMPTION, REAL EXCHANGE-RATES AND THE STRUCTURE OF INTERNATIONAL ASSET MARKETS

被引：83

作者：

KOLLMANN, R ^{[1
]}

机构：

[1] UNIV MONTREAL,CRDE,MONTREAL,PQ H3C 3J7,CANADA

来源：

JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 1995年 / 14卷 / 02期

关键词：

D O I：

10.1016/0261-5606(94)00011-O

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

International Real Business Cycle (IRBC) models that assume complete asset markets yield strong restrictions for consumption and bilateral real exchange rate series. Empirical tests with data for the US, Japan, France, UK, Italy, Canada and Sweden suggest that neither the trend behavior nor high-frequency movements of consumption and real exchange rates are well explained by IRBC models with complete markets. It appears, however, that high-frequency fluctuations of consumption and real exchange rates are consistent with unrestricted international trade in risk-free bonds. (JEL F41).

引用

页码：191 / 211

页数：21

共 56 条

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