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Portfoliomodell und langfristiges Wachstum: Neue Makroperspektiven

Author

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  • Paul J.J. Welfens

    (Europäisches Institut für Internationale Wirtschaftsbeziehungen (EIIW))

Abstract

The standard BRANSON model is modified in a way which allows to focus on the short term dynamics of foreign bonds markets, the money market and the stock market - or alternatively the oil market. This allows to explain the dynamics of the exchange rate and the oil price within a portfolio choice model. Moreover, a straightforward way to combine a portfolio approach with a growth model is developed. New results are obtained - through multiplier ana lysis - about the long term effects of changes in the savings rate, the process innovation rate, the product innovation variable and the money supply on the exchange rate and the stock market price; this raises many empirical issues. The Fisher equation is derived endogenously.

Suggested Citation

  • Paul J.J. Welfens, 2008. "Portfoliomodell und langfristiges Wachstum: Neue Makroperspektiven," EIIW Discussion paper disbei157, Universitätsbibliothek Wuppertal, University Library.
    • Handle: RePEc:bwu:eiiwdp:disbei157
    as

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    References listed on IDEAS

    as
    1. Ellen Walther-Klaus, 2008. "University meets economy," Springer Books, in: Paul J. J. Welfens & Ellen Walther-Klaus (ed.), Digital Excellence, pages 1-5, Springer.
    2. Paul J.J. Welfens & Anna Wziątek-Kubiak (ed.), 2005. "Structural Change and Exchange Rate Dynamics," Springer Books, Springer, number 978-3-540-28526-7, June.
    3. Joseph Stiglitz, 1974. "Growth with Exhaustible Natural Resources: Efficient and Optimal Growth Paths," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 41(5), pages 123-137.
    4. Paul J.J. Welfens, 2011. "Innovations in Macroeconomics," Springer Books, Springer, number 978-3-642-11909-5, June.
    5. Paul J. J. Welfens & Ellen Walther-Klaus (ed.), 2008. "Digital Excellence," Springer Books, Springer, number 978-3-540-72621-0, June.
    6. Paul Welfens, 2008. "Portfolio modelling and growth in open economies," International Economics and Economic Policy, Springer, vol. 5(3), pages 237-253, November.
    7. Werner Roeger, 2005. "International oil price changes: impact of oil prices on growth and inflation in the EU/OECD," International Economics and Economic Policy, Springer, vol. 2(1), pages 15-32, June.
    8. Paul J.J. Welfens & Franz Knipping & Suthiphand Chirathivat & Cillian Ryan (ed.), 2006. "Integration in Asia and Europe," Springer Books, Springer, number 978-3-540-28730-8, June.
    9. Paul J.J. Welfens, 2009. "Portfolio Modelling and Growth," EIIW Discussion paper disbei161, Universitätsbibliothek Wuppertal, University Library.
    10. Harry G. Broadman & Tiiu Paas & Paul J.J. Welfens (ed.), 2006. "Economic Liberalization and Integration Policy," Springer Books, Springer, number 978-3-540-31183-6, June.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Wachstum; Portfoliomodell; Innovationen; Aktienmärkte; Makroökonomik;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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