불완전한 금융시장과 비동질적 선호하에서의 환율결정론 = Spot Exchange Rate Dynamics in the Presence of Incomplete Financial Markets and Home-biased Preferences

다국어 초록 (Multilingual Abstract)

When agents across countries have a home-biased preference in a world of incomplete financial markets, an increase in the relative price of home-produced goods [caused by an adverse home output shock] makes the cost of living of home agents higher than that of foreign agents [real exchange rate appreciation], reducing home relative consumption. In the foreign exchange market, an adverse home output shock decreases home relative real money supply [due to real appreciation] faster than home relative money demand [due to the decrease in relative consumption] if the elasticity of money demand is less than unity, appreciating home currency.

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