Money, transactions and portfolio choice
نویسندگان
چکیده
منابع مشابه
Inflation , Money Demand and Portfolio Choice ∗
We introduce a money demand motive in a life-cycle portfolio choice model and estimate the structural parameters that can generate limited stock market participation and plausible holdings of money, bonds and stocks. The model predicts an increase in bond holdings over the life cycle, and a declining share of money in portfolios as wealth increases. Both predictions are consistent with the data...
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ژورنال
عنوان ژورنال: Ricerche Economiche
سال: 1996
ISSN: 0035-5054
DOI: 10.1006/reco.1996.0003