Monetary Policy and Portfolio Choice in an Open Economy Macro Model
构建了一个开放经济模型，分析内生投资组合选择下货币政策的影响，并推导出不同资产市场环境（完全或不完全市场）中最优国家债券和股票组合的解析解。
This paper explores the role of monetary policy in an open economy in an environment of endogenous portfolio choice. The model is simple enough to allow solutions for optimal portfolios to be derived analytically for a range of different asset market environments. We explore the impact of monetary policy on national bond and equity portfolios in environments where assets markets are either complete or incomplete.