The interaction between the spot market and the forward market: an analysis of imperfect capital mobility
碩士 === 東吳大學 === 經濟學系 === 93 === Abstract This paper develops a perfect foresight macroeconomic model under imperfect capital mobility, in which speculators are assumed to be risk averse. Based on the framework of Eaton and Turnovsky (1982), we introduce the commodity market setting of Dornbushch (1...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2005
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| Online Access: | http://ndltd.ncl.edu.tw/handle/y7zxww |
| Summary: | 碩士 === 東吳大學 === 經濟學系 === 93 === Abstract
This paper develops a perfect foresight macroeconomic model under imperfect capital mobility, in which speculators are assumed to be risk averse. Based on the framework of Eaton and Turnovsky (1982), we introduce the commodity market setting of Dornbushch (1976). The discussion distributed into two cases for different situations in relative capital mobility. We analyze the effects of various permanent disturbances on the economy and how the exchange rates respond to the permanent changes in the foreign price level, foreign interest rate and central bank’s forward market intervention.
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