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American Economic Review: Vol. 101 No. 3 (May 2011)
AER Volume. 101, Issue 3 | 
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The Risky Steady State
Article Citation
Coeurdacier, Nicolas,
Hélène Rey, and
Pablo Winant. 2011. "The Risky Steady State."
American Economic Review,
101(3): 398-401.
DOI: 10.1257/aer.101.3.398
DOI: 10.1257/aer.101.3.398
Abstract
We propose a simple quantitative method to linearize around the risky steady state of a small open economy. Unlike when the deterministic steady state is used, the net foreign asset position is well defined. We allow for stochastic income and stochastic interest rate.
Article Full-Text Access
Full-text Article
Authors
Coeurdacier, Nicolas (Sciences Po, Paris)
Rey, Hélène (London Business School)
Winant, Pablo (Paris School of Economics)
Rey, Hélène (London Business School)
Winant, Pablo (Paris School of Economics)
JEL Classifications
E10: General Aggregative Models: General
F41: Open Economy Macroeconomics
F41: Open Economy Macroeconomics
