Portfoliomodell und langfristiges Wachstum: Neue Makroperspektiven

The standard BRANSON model is modified in a way which allows to focus on the short term dynamics of foreign bonds markets, the money market and the stock market - or alternatively the oil market. This allows to explain the dynamics of the exchange rate and the oil price within a portfolio choice model. Moreover, a straightforward way to combine a portfolio approach with a growth model is developed. New results are obtained - through multiplier ana lysis - about the long term effects of changes in the savings rate, the process innovation rate, the product innovation variable and the money supply on the exchange rate and the stock market price; this raises many empirical issues. The Fisher equation is derived endogenously.