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risikobehafteten Währung gehandelt wird. Das Austauschverhältnis ist der nominale Wechselkurs. Da der Handel dezentral erfolgt, ergibt …
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We develop a dual currency search model to study equilibrium currency exchange and the determination of nominal exchange rates. Agents hold portfolios consisting of two distinct currencies. We study equilibria in which the two currencies are identical and equilibria in which the two currencies...
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