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Intertemporal arbitrage, speculative balances, and the liquidity effect
This thesis explores money manager intertemporal arbitrage as an explanation of the liquidity effect. We develop a theoretical model of optimal portfolio adjustment by professional money managers, and show that they engage ...
Essays on demand for international reserves
This dissertation consists of four chapters. In the first chapter, a review is made of the research on international reserve demand in the last decade. The next three chapters offer alternative models of reserve demand. ...