期刊名称：DIW Diskussionspapiere / Deutsches Institut für Wirtschaftsforschung, Berlin
出版年度：2007
卷号：2007
出版社：Deutsches Institut für Wirtschaftsforschung, Berlin
摘要：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.
