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Portfoliomodell und langfristiges Wachstum: Neue Makroperspektiven


  • Paul J.J. Welfens

    () (Europäisches Institut für Internationale Wirtschaftsbeziehungen (EIIW))


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

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    References listed on IDEAS

    1. 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.
    2. Paul J.J. Welfens, 2009. "Portfolio Modelling and Growth," EIIW Discussion paper disbei161, Universitätsbibliothek Wuppertal, University Library.
    3. S. Illeris & G. Akehurst, 2002. "Introduction," The Service Industries Journal, Taylor & Francis Journals, vol. 22(1), pages 1-3, January.
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    More about this item


    Wachstum; Portfoliomodell; Innovationen; Aktienmärkte; Makroökonomik;

    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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