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dc.contributor.authorDevereux, Michael B.
dc.contributor.authorSenay, Ozge
dc.contributor.authorSutherland, Alan
dc.date.accessioned2016-07-23T23:30:58Z
dc.date.available2016-07-23T23:30:58Z
dc.date.issued2014-08
dc.identifier.citationDevereux , M B , Senay , O & Sutherland , A 2014 , ' Nominal Stability and Financial Globalization ' Journal of Money, Credit and Banking , vol. 46 , no. 5 , pp. 921-959 . https://doi.org/10.1111/jmcb.12127en
dc.identifier.issn0022-2879
dc.identifier.otherPURE: 155680654
dc.identifier.otherPURE UUID: c71a0aba-3b51-4f2f-a21b-1a4c7654c521
dc.identifier.otherWOS: 000340045600003
dc.identifier.otherScopus: 84904730159
dc.identifier.otherORCID: /0000-0002-0175-3886/work/60426745
dc.identifier.otherORCID: /0000-0002-8310-968X/work/60426904
dc.identifier.otherWOS: 000340045600003
dc.identifier.urihttp://hdl.handle.net/10023/9200
dc.description.abstractOver the past four decades, there has been a substantial increase in financial globalization, that is, rapid growth in gross external portfolio positions. There has also been a substantial fall in the variability of inflation. Many economists have conjectured that financial globalization contributed to the improved inflation performance. This paper explores the causal link running in the opposite direction. Using an open economy model with endogenous portfolio choice, it is shown that a monetary rule that reduces inflation variability tends to increase the size of gross external asset positions. This result appears to be robust across different modeling specifications.
dc.format.extent39
dc.language.isoeng
dc.relation.ispartofJournal of Money, Credit and Bankingen
dc.rights© 2014. The Ohio State University. This is the accepted version of the following article: Nominal Stability and Financial Globalization Devereux, M. B., Senay, O. & Sutherland, A. Aug 2014 In : Journal of Money, Credit and Banking. 46, 5, p. 921-959, which has been published in final form at http://onlinelibrary.wiley.com/doi/10.1111/jmcb.12127/abstracten
dc.subjectNominal stabilityen
dc.subjectFinancial globalizationen
dc.subjectCountry portfoliosen
dc.subjectBayesian DSGE approachen
dc.subjectMonetary-policy rulesen
dc.subjectBusiness cyclesen
dc.subjectExternal wealthen
dc.subjectForeign-assetsen
dc.subjectDynamicsen
dc.subjectShocksen
dc.subjectLiabilitiesen
dc.subjectPortfoliosen
dc.subjectFrictionsen
dc.subjectHB Economic Theoryen
dc.subjectHG Financeen
dc.subject.lccHBen
dc.subject.lccHGen
dc.titleNominal Stability and Financial Globalizationen
dc.typeJournal articleen
dc.description.versionPostprinten
dc.contributor.institutionUniversity of St Andrews.School of Economics and Financeen
dc.identifier.doihttps://doi.org/10.1111/jmcb.12127
dc.description.statusPeer revieweden
dc.date.embargoedUntil2016-08-01


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