Portfolio Choice in a Closed Economy

I am trying to find a paper that is implementing the solution procedure of Devereux and Sutherland (2010) in a closed economy setting. In general most of the portfolio choice models are used in an open economy setting. I am trying to understand whether it is feasible to do so under a closed economy and what ingredients a model of that sort may have. I haven’t been able to find anything of that sort though. Anybody aware of such models?