The paper considers a (static) portfolio system that satisfies adding-up contraints and the gross substitution theorem. The paper shows the relationship of the two conditions to the weak dominant diagonal property of the matrix of interest rate elasticities. This enables to investigate the impact of simultaneous changes in interest rates on the asset demands.

Linden, Jan A. van der

English

Research Papers in Economics

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Fields of influence of technological change in EC intercountry input-output tables, 1970-80

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