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The risky steady state

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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Submitted on : Thursday, April 3, 2014 - 8:04:43 PM
Last modification on : Friday, August 5, 2022 - 2:49:41 PM
Long-term archiving on: : Thursday, July 3, 2014 - 7:20:45 PM

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Nicolas Coeurdacier, Hélène Rey, Pablo Winant. The risky steady state. 2011. ⟨hal-00972801⟩

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