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Two-Tier Exchange Rates and Monetary Autonomy in a Portfolio-Balance Model

  1. Journals
  2. Economics, Finance, Business & Management
  3. Journal of Contextual Economics – Schmollers Jahrbuch
  4. Vol. 99, Issue 1–2
  5. pp. 45–64

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Marion, N. Two-Tier Exchange Rates and Monetary Autonomy in a Portfolio-Balance Model. Journal of Contextual Economics – Schmollers Jahrbuch, 99(1–2), 45-64. https://doi.org/10.3790/schm.99.1-2.45
Marion, Nancy Peregrim "Two-Tier Exchange Rates and Monetary Autonomy in a Portfolio-Balance Model" Journal of Contextual Economics – Schmollers Jahrbuch 99.1–2, 1979, 45-64. https://doi.org/10.3790/schm.99.1-2.45
Marion, Nancy Peregrim (1979): Two-Tier Exchange Rates and Monetary Autonomy in a Portfolio-Balance Model, in: Journal of Contextual Economics – Schmollers Jahrbuch, vol. 99, iss. 1–2, 45-64, [online] https://doi.org/10.3790/schm.99.1-2.45
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Two-Tier Exchange Rates and Monetary Autonomy in a Portfolio-Balance Model

Marion, Nancy Peregrim

Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 99(1979), Iss. 1–2 : pp. 45–64

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Article Details

Publisher Name
Duncker & Humblot GmbH
DOI
https://doi.org/10.3790/schm.99.1-2.45
Language
German
Pages
20
License
open-access CC BY 4.0

Author Details

Marion, Nancy Peregrim

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Table of Contents

Section Title Page Action Price
Nancy Peregrim Marion: Two-Tier Exchange Rates and Monetary Autonomy\rin a Portfolio-Balance Model 45
Description of the Model 46
Private Wealth and Demands for Financial Assets 47
The Banking Sector 49
Saving 50
Domestic holdings of foreign bonds 51
Solution of Model I 52
Solution of Model II 55
Perfect Substitutability Between Domestic and Foreign Bonds 56
Model I with Perfect Substitutability 57
Model II with Perfect Substitutability 60
Appendix I Two-Tier Exchange Market — Model I Impact Effects 61
Appendix II Two-Tier Exchange Market — Model II 62
Appendix III Unitary Flexible Exchange Rate 62
Appendix IV Unitary Fixed Exchange Rate 63
References 64

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