International Portfolio Diversification and Endogenous Labour Supply Choice

This paper presents a multi-country general equilibrium model driven by productivity shocks, where labor supply and consumption are chosen endogenously. Weuse this framework to study the effect of labor supply for optimal international diversification. We find that the model's ability to help explain home-bias depends crucially on the level of substituability between consumption and non-working time.

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Year of publication:	1998
Authors:	Jermann, U.J.
Institutions:	Weiss Center for International Financial Research, Wharton School of Business
Subject:	FINANCIAL ASSETS \| INTERNATIONAL FINANCE

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Series:	Weiss Center Working Papers.
Type of publication:	Book / Working Paper
Notes:	22 pages
Classification:	G11 - Portfolio Choice ; F30 - International Finance. General
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005478730