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American Economic Review: Vol. 101 No. 3 (May 2011)

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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

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.

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Authors

Coeurdacier, Nicolas (Sciences Po, Paris)
Rey, Hélène (London Business School)
Winant, Pablo (Paris School of Economics)

JEL Classifications

E10: General Aggregative Models: General
F41: Open Economy Macroeconomics


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