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Interest Rate Term Premiums And The Failure Of The Speculative Efficiency Hipothesis
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Book Synopsis Interest Rate Term Premiums and the Failure of the Speculative Efficiency Hypothesis by : Carol Lee Osler
Download or read book Interest Rate Term Premiums and the Failure of the Speculative Efficiency Hypothesis written by Carol Lee Osler and published by . This book was released on 1989 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a new parity condition for international financial markets which relates differences between the forward exchange rate and the expected future exchange rate to interest rate term premiums. It begins with the general proposition that VIP cannot hold for all maturity horizons if interest rate term premiums are imperfectly correlated across countries and expectations are rational. The conditions under which VIP could hold for multiple horizons, under these two assumptions, are found to be very restrictive. It is argued that if VIP holds at all under these circumstances, it is only likely to hold at a very short time horizon. Finally, it is shown that under these assumptions, if VIP holds at the shortest time horizon then the difference between forward exchange rates and expected future spot rates at all other horizons will be the difference in expected term premiums at each maturity.
Book Synopsis General Theory Of Employment , Interest And Money by : John Maynard Keynes
Download or read book General Theory Of Employment , Interest And Money written by John Maynard Keynes and published by Atlantic Publishers & Dist. This book was released on 2016-04 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt: John Maynard Keynes is the great British economist of the twentieth century whose hugely influential work The General Theory of Employment, Interest and * is undoubtedly the century's most important book on economics--strongly influencing economic theory and practice, particularly with regard to the role of government in stimulating and regulating a nation's economic life. Keynes's work has undergone significant revaluation in recent years, and "Keynesian" views which have been widely defended for so long are now perceived as at odds with Keynes's own thinking. Recent scholarship and research has demonstrated considerable rivalry and controversy concerning the proper interpretation of Keynes's works, such that recourse to the original text is all the more important. Although considered by a few critics that the sentence structures of the book are quite incomprehensible and almost unbearable to read, the book is an essential reading for all those who desire a basic education in economics. The key to understanding Keynes is the notion that at particular times in the business cycle, an economy can become over-productive (or under-consumptive) and thus, a vicious spiral is begun that results in massive layoffs and cuts in production as businesses attempt to equilibrate aggregate supply and demand. Thus, full employment is only one of many or multiple macro equilibria. If an economy reaches an underemployment equilibrium, something is necessary to boost or stimulate demand to produce full employment. This something could be business investment but because of the logic and individualist nature of investment decisions, it is unlikely to rapidly restore full employment. Keynes logically seizes upon the public budget and government expenditures as the quickest way to restore full employment. Borrowing the * to finance the deficit from private households and businesses is a quick, direct way to restore full employment while at the same time, redirecting or siphoning
Download or read book Bibliography of Agriculture written by and published by . This book was released on 1990 with total page 944 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Stolper-Samuelson Theorem Reconsidered by : Robert E. Baldwin
Download or read book The Stolper-Samuelson Theorem Reconsidered written by Robert E. Baldwin and published by . This book was released on 1989 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Standard trade theory views the capital stock as an endowment. However, trade policy can affect a country's steady-state capital stock. By ignoring the endogeneity of capital, standard analysis is incomplete and can be misleading. For instance, when capital in endogenous, the Stolper-Samuelson theorem incorrectly predicts the long-run impact of a tariff n factor rewards in a 2-by-2 trade model. Moreover, the output effects of a trade policy can be greatly amplified by its indirect effect on the steady-state capital stock. Since this indirect effect may take a very long time to be fully realized, trade policy can have a long-lasting effect on growth. Ricardo first studied this link between trade and steady-state factor supplies.
Book Synopsis AIL Theory and the Ailing Phillips Curve by : Roger E. A. Farmer
Download or read book AIL Theory and the Ailing Phillips Curve written by Roger E. A. Farmer and published by . This book was released on 1989 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents empirical evidence from U.S. data of a structurally stable aggregate supply relationship between real and nominal rates of interest and the rate of unemployment. The paper reviews theories of contracts that are based on the twin assumptions of asymmetric information and limited collateral and it argues that these theories (referred to as A.I.L. theories) provide a strong theoretical foundation for a contract-based theory of aggregate supply. It is suggested that the original Phillips curve estimates should be reinterpreted in the light of A.I.L. theories which represent alternatives to the Phelps-Friedman interpretation of the Phillips relationship.
Book Synopsis A Shred of Evidence on Theories of Wage Stickiness by : Alan S. Blinder
Download or read book A Shred of Evidence on Theories of Wage Stickiness written by Alan S. Blinder and published by . This book was released on 1989 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: A small interview survey was undertaken to see how actual wage-setters would react to the central. ideas of several economic theories of wage stickiness. Wage cuts were surprisingly prevalent in recent years, despite the booming economy. The strongest finding was that managers believe that perceptions of fairness play a major motivational role in labor markets; and that a "fair" wage policy is a good deal more complicated than simply not cutting wages. We also found substantial evidence for money illusion and against the adverse-selection version of the efficiency wage model.
Book Synopsis NBER Reporter by : National Bureau of Economic Research
Download or read book NBER Reporter written by National Bureau of Economic Research and published by . This book was released on 1990 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Note on Optimal Deterrence when Individuals Choose Among Harmful Acts by : Steven Shavell
Download or read book A Note on Optimal Deterrence when Individuals Choose Among Harmful Acts written by Steven Shavell and published by . This book was released on 1989 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: The theory of deterrence has been concerned primarily with situations in which individuals consider whether to commit a single harmful act (whether to discharge a pollutant into a lake, whether to steal a car) rather than with situations in which individuals decide which of several harmful acts to commit (whether to discharge one pollutant or another pollutant into a lake, whether to engage in car theft or in burglary). In the latter situations, the threat of sanctions plays a role in addition to the usual one of deterring individuals from committing harmful acts: it influences which harmful acts undeterred individuals choose to commit (it accomplishes "marginal deterrence"). It is shown in the present note that sanctions may increase more with harm when individuals choose among harmful acts than when individuals choose only whether to commit single harmful acts. The reason is that a higher gradation of sanctions encourages the undeterred to commit less harmful acts. The assumption necessary for this conclusion is that probabilities of apprehension for different acts are equal, being determined by a general level of enforcement effort. If enforcement effort is specific to the act, the conclusion does not hold; optimal sanctions for different acts are then equal to each other.
Book Synopsis Consistent Valuation and Cost of Capital Expressions with Corporate and Personal Taxes by : Robert A. Taggart
Download or read book Consistent Valuation and Cost of Capital Expressions with Corporate and Personal Taxes written by Robert A. Taggart and published by . This book was released on 1989 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines three valuation methods, each of which should lead to the same value for a given asset. These are the Adjusted Present Value, Adjusted Discount Rate and Flows to Equity methods. To achieve identical valuations, however, the different methods must be implemented with cost of capital expressions that embody a consistent set of assumptions about (1) the tax regime and (2) the time pattern and riskiness of debt tax shields. Valuation and cost of capital expressions that have been proposed in the literature are grouped and contrasted according to these assumptions. It is also shown that the familiar weighted average cost of capital can be consistent with any such set of assumptions, as long as the correct expression is used to estimate the relationship between the levered and unlevered cost of equity.
Book Synopsis Solving Nonlinear Stochastic Growth Models by : John B. Taylor
Download or read book Solving Nonlinear Stochastic Growth Models written by John B. Taylor and published by . This book was released on 1989 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this paper is to report on a comparison of several alternative numerical solution techniques for nonlinear rational expectations models. The comparison was made by asking individual researchers to apply their different solution techniques to a simple representative agent, optimal, stochastic growth model. Decision rules as well as simulated time series are compared. The differences among the methods turned out to be quite substantial for certain aspects of the growth model. Therefore, researchers might want to be careful not to rely blindly on the results of any chosen numerical solution method in applied work.
Download or read book Working Paper Series written by and published by . This book was released on 1989 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The McKibbin-Sachs Global Model by : Warwick J. McKibbin
Download or read book The McKibbin-Sachs Global Model written by Warwick J. McKibbin and published by . This book was released on 1989 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents the theoretical underpinnings of the MSG2 simulation model of the world economy. The MSG2 model is a dynamic general equilibrium model of the world economy which pays particular attention to the relation between stocks and flows and intertemporal constraints. The formation of expectations also plays an important role in the model. In the version presented here the world is divided into the U.S., Japan, Germany, the rest of the EMS, and the rest of the OECD, non-oil developing countries and OPEC.
Book Synopsis The Fisherian Time Preference and the Evolution of Capital Ownership Patterns in a Global Economy by : Kyoji Fukao
Download or read book The Fisherian Time Preference and the Evolution of Capital Ownership Patterns in a Global Economy written by Kyoji Fukao and published by . This book was released on 1989 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Striking for a Bargain Between Two Completely Informed Agents by : Raquel Fernández
Download or read book Striking for a Bargain Between Two Completely Informed Agents written by Raquel Fernández and published by . This book was released on 1989 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper models the wage-contract negotiation procedure between a union and a firm as a sequential bargaining process in which the union.
Book Synopsis Introducing Risky Housing and Endogenous Tenure Choice Into Portfolio-based General Equilibrium Models by : Patric H. Hendershott
Download or read book Introducing Risky Housing and Endogenous Tenure Choice Into Portfolio-based General Equilibrium Models written by Patric H. Hendershott and published by . This book was released on 1989 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Portfolio-based general equilibrium models are useful for analyzing the interaction between the structure of individual tax rates and the way.
Book Synopsis Liquidity Constraints in Production Based Asset Pricing Models by : William A. Brock
Download or read book Liquidity Constraints in Production Based Asset Pricing Models written by William A. Brock and published by . This book was released on 1989 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the time series implications of introducing credit constraints into a production based asset pricing model. Simulations are performed choosing parameter values which generate reasonable values for aggregate fluctuations. These results show that mean reversion in simulated returns series, measured by variance ration tests, is enhanced with the introduction of binding credit constraints. Without these constraints there is very little evidence of mean reversion. This is consistent with financial market data where the weak evidence for mean reversion is stronger in small firm returns. Other tests are run on the simulated series including checking the standard deviation, skewness, and kurtosis. These other tests do not show strong differences between the constrained and unconstrained firms in the model.
Book Synopsis The Efficient Market Theory and Evidence by : Andrew Ang
Download or read book The Efficient Market Theory and Evidence written by Andrew Ang and published by Now Publishers Inc. This book was released on 2011 with total page 99 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Efficient Market Hypothesis (EMH) asserts that, at all times, the price of a security reflects all available information about its fundamental value. The implication of the EMH for investors is that, to the extent that speculative trading is costly, speculation must be a loser's game. Hence, under the EMH, a passive strategy is bound eventually to beat a strategy that uses active management, where active management is characterized as trading that seeks to exploit mispriced assets relative to a risk-adjusted benchmark. The EMH has been refined over the past several decades to reflect the realism of the marketplace, including costly information, transactions costs, financing, agency costs, and other real-world frictions. The most recent expressions of the EMH thus allow a role for arbitrageurs in the market who may profit from their comparative advantages. These advantages may include specialized knowledge, lower trading costs, low management fees or agency costs, and a financing structure that allows the arbitrageur to undertake trades with long verification periods. The actions of these arbitrageurs cause liquid securities markets to be generally fairly efficient with respect to information, despite some notable anomalies.
