We develop a continuous-time general equilibrium model with intermediaries at the heart of international financial markets. Global intermediaries bargain with households and extract rents from providing access to foreign claims. By tilting state prices, intermediaries’ market power breaks monetary neutrality and makes international risk-sharing inefficient. Despite having zero net positions, markups charged by intermediaries significantly distort international asset prices, affecting exchange rate dynamics and their response to shocks. Our model can reproduce patterns consistent with several well-known exchange rate puzzles, such as deviations from uncovered and covered interest parity. All equilibrium quantities are derived in closed form, allowing us to pin down the underlying economic mechanisms explicitly. (JEL E44, E52, F31, F33, G13, G15, G23)

中文翻译：

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基于中介的汇率模型

我们开发了一个连续时间的一般均衡模型，中介机构是国际金融市场的核心。全球中介机构与家庭讨价还价，并通过提供外国索赔来收取租金。通过倾斜国家价格，中介机构的市场力量打破了货币中立性，使国际风险分担效率低下。尽管净头寸为零，但中介机构收取的加价严重扭曲了国际资产价格，影响了汇率动态及其对冲击的反应。我们的模型可以重现与几个众所周知的汇率难题一致的模式，例如与未覆盖和覆盖的利率平价的偏差。所有均衡量都是以封闭形式得出的，使我们能够明确地确定潜在的经济机制。（JEL E44、E52、F31、F33、G13、G15、G23）