Authors
Citation
S. Bougheas, ASSET AND CURRENCY PRICES IN AN EXCHANGE ECONOMY WITH TRANSACTIONS COSTS, Journal of macroeconomics, 16(1), 1994, pp. 99-107
Citations number
8
Categorie Soggetti
Economics
Journal title
ISSN journal
01640704
Volume
16
Issue
1
Year of publication
1994
Pages
99 - 107
Database
ISI
SICI code
0164-0704(1994)16:1<99:AACPIA>2.0.ZU;2-R
Abstract
This paper extends Lucas's (1978) asset pricing model to examine the b
ehavior of equilibrium currency and asset prices in a monetary exchang
e economy with transactions costs. It analyzes the effects of monetary
and real shocks on asset and currency demand functions. A comparative
-static analysis generates results that contrast with those in Svensso
n's (1985) cash-in-advance model.