المستودع الأكاديمي جامعة المدينة

The Store-of-Value-Function of Money as a Component of Household Risk Management

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dc.creator Größl, Ingrid
dc.creator Fritsche, Ulrich
dc.date 2007
dc.date.accessioned 2013-10-16T06:59:44Z
dc.date.available 2013-10-16T06:59:44Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/18392
dc.identifier ppn:523979347
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/18392
dc.description We analyse how money as a store of value affects the decisions of a representative household under diversifiable and non-diversifiable risks given that the central bank successfully stabilizes the rate of inflation at a low level. Assuming exponential utility allows us to derive an explicit relationship between optimal money holdings, the household?s desire to tilt, smooth and stabilize consumption as well as minimize portfolio risk. In this context we also show how the correlation between stochastic labour income and stock returns impact the store-of-value function of money. Finally we prove that the store-of-value benefits of money holdings continue to hold even if we take riskless alternatives into account.
dc.language eng
dc.publisher Deutsches Institut für Wirtschaftsforschung (DIW) Berlin
dc.relation DIW-Diskussionspapiere 660
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject E41
dc.subject E21
dc.subject D11
dc.subject ddc:330
dc.subject Money demand
dc.subject consumption
dc.subject CRRA
dc.subject CARA
dc.subject exponential utility
dc.subject households
dc.subject risk
dc.subject risk management
dc.subject Geldnachfrage
dc.subject Geldwert
dc.subject Zeitpräferenz
dc.subject Risikomanagement
dc.subject Konsumtheorie
dc.subject Theorie
dc.title The Store-of-Value-Function of Money as a Component of Household Risk Management
dc.type doc-type:workingPaper


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