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

Marion, Nancy Peregrim

doi:10.3790/schm.99.1-2.45

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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

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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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DOI: https://doi.org/10.3790/schm.99.1-2.45
Language: Multiple languages
Pages: 20

Marion, Nancy Peregrim

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

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