; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "International Portfolio Diversification and Labor/Leisure Choice"; ; "batchuser@example.com"; "Jermann, Urban J."; "Federal Reserve Bank of Minneapolis"; "G11 - Portfolio Choice; Investment Decisions", "F30 - International Finance: General"; "When marginal utility of consumption depends on leisure, investors will take this into account when allocating their wealth among different assets. This paper presents a multi-country general equilibrium model driven by productivity shocks, where labor-leisure and consumption are chosen endogenously. We use this framework to study the effect of leisure for optimal international diversification. We find that in the symmetric case the model’s ability to help explain home-bias depends crucially on the level of substitutability between consumption and leisure."^^; "1997-07-01"; "2019-05-21T16:27:18.888427005+00:00"^^; "https://doi.org/10.21034/dp.119"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Wed Apr 22 16:39:29 2020"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "367"; "Discussion paper (Federal Reserve Bank of Minneapolis. Institute for Empirical Macroeconomics)"; "119"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Institute for Empirical Macroeconomics"; ; "Publication" . ; .