Essays On Coordination And Financial Markets
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Essays On Information And Coordination In Financial Markets
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Author : Christina E. Bannier
language : de
Publisher:
Release Date : 2005
Essays On Information And Coordination In Financial Markets written by Christina E. Bannier and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Essays On Coordination And Financial Markets
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Author : Nicholas B. Galunic
language : en
Publisher:
Release Date : 2012
Essays On Coordination And Financial Markets written by Nicholas B. Galunic and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Equilibrium (Economics) categories.
This dissertation is concerned with microeconomic models of equilibrium pricing in financial markets of varying organizational scope. The first two chapters are based on game-theoretic models characterized by a coordination problem. I begin at the industry level in Chapter 2 where I solve the chicken-or-the-egg problem of platform pricing. I show that the elasticity of demand is greater for the more valued side and hence a monopolist will charge that side a lower price. These results have implications on how exchanges admit traders and apply to more general two-sided markets. My findings are supported by experimental tests. Chapter 3 examines regulatory efficacy in manipulating a currency market with a peg. I solve for equilibrium speculator conduct and central bank intervention policy where the speculator population is discrete. Sudden equilibrium price collapses are related explicitly to fundamentals. The main findings are again supported by experimental tests. In the final chapter, I study a market where strategic behavior is set aside and market participants are instead assumed to be perfect delta hedgers who immediately exploit arbitrage opportunities. I numerically estimate the equilibrium price of an exotic option in such a market.
Money And Markets
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Author : Robert W. Clower
language : en
Publisher: CUP Archive
Release Date : 1986-10-31
Money And Markets written by Robert W. Clower and has been published by CUP Archive this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986-10-31 with Business & Economics categories.
Robert Clower's influential essays discuss monetary economics and monetary behaviour.
Intervention Interest Rates And Charts
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Author : Mr.Mark P. Taylor
language : en
Publisher: International Monetary Fund
Release Date : 1991-11-01
Intervention Interest Rates And Charts written by Mr.Mark P. Taylor and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991-11-01 with Business & Economics categories.
This paper contains essays on sterilized intervention, on covered interest rate parity, and on chartist analysis in financial markets. Each essay contains a definition, brief survey of the empirical evidence and overall assessment of each topic.
Essays On Incomplete Financial Markets
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Author : Alessandro Citanna
language : en
Publisher:
Release Date : 1995
Essays On Incomplete Financial Markets written by Alessandro Citanna and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with categories.
Macroeconomic Instability And Coordination
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Author : Axel Leijonhufvud
language : en
Publisher: Edward Elgar Publishing
Release Date : 2000
Macroeconomic Instability And Coordination written by Axel Leijonhufvud and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business & Economics categories.
Axel Leijonhufvud has made a unique contribution to the development of macroeconomic theory. This volume draws together his insightful essays dealing with the extremes of economic instability: great depressions, high inflation and the transition from socialism to a market economy. In several of the papers, Leijonhufvud brings a neo-institutionalist perspective to the problems of coordination in economic systems. The papers within Macroeconomic Instability and Coordination some of them already considered classics, deal with the questions that dominated Leijonhufvud's interest throughout his career as an economist: what are the limits to an economy's capacity to coordinate the activities of its members? How does the behavior of the system change under extreme conditions? In what ways does its performance depend upon the institutions that govern the market process?
Three Essays On Financial Markets And Banking
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Author : Christoph Bertsch
language : en
Publisher:
Release Date : 2013
Three Essays On Financial Markets And Banking written by Christoph Bertsch and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Banks and banking categories.
This thesis comprises theoretical work on nancial markets and banking. The rst essay features a model of liquidity provision. I analyze how the severity of adverse selection problems in one market is a ected if alternative sources of nance, which are not subject to adverse selection problems, become more easily available. In particular, I nd that the adverse selection problem can be either mitigated or ampli ed, giving rise to new implications for equilibrium welfare, e ciency and policy. Furthermore, I examine how and under what conditions a central bank can address a market failure during a nancial crisis by using existing market institutions to re-allocate liquidity in the economy. The second essay develops a new contagion mechanism in coordination games. With our model we o er an explanation why a contagious spread of a crisis can occur even if agents learn that their country (or bank) is not exposed to crisis events elsewhere. What is more, we show that the likelihood of a spread of the crisis can be higher if agents learn that their country is not exposed to the crisis in the other country, than if agents stay uninformed about the actual exposure and believe that a cross-country exposure is possible. The third essay examines the e ect of state aid on the collective competitive behavior in a repeated-game setting. We consider an application to the banking sector and nd that a systematic bailout regime may increase the likelihood of (tacit) collusion in an industry characterized by idiosyncratic shocks. The reason being that state aid increases the expected pro ts from cooperation and simultaneously raises the probability that competitors will still be in business to carry out punishment against cheaters.
Essays On The Interaction Between Monetary Policy And Financial Markets
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Author : Alain Durré
language : fr
Publisher: Presses univ. de Louvain
Release Date : 2003
Essays On The Interaction Between Monetary Policy And Financial Markets written by Alain Durré and has been published by Presses univ. de Louvain this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
Despite the consequences of financial bubbles on economic activity, it is still an open question to what extent the monetary policy should react to sharp fluctuations of equity prices. This dissertation attempts to contribute to the debate with some theoretical and empirical analyses of the relationship between monetary policy and financial markets. Chapter 1 incorporates the effect of real equity prices on aggregate demand in a forward-looking expectations neo-Keynesian model. This effect arises either from a wealth effect or from a change in consumers' confidence. The objective function of monetary authorities depends on the output gap and the deviation of expected inflation from the target. A numerical simulation, based on US data, illustrates the quantitative importance of the financial market channel for various exogenous shocks. In Chapter 2, the variation of equity prices enters explicitly in the loss function of the monetary authorities while, at the same time, it affects aggregate demand. This modifies the optimal monetary policy by increasing the volatility of the nominal interest rate. Chapter 3 examines how the launch of the European single currency has affected expectations on future monetary policy by comparing the econometric results of a co-integrated VAR model on pre- and post- January 1999 data. Chapter 4 deals with diverse methodological issues related to the estimation of the Taylor rule, which represents Central Bank decisions by a single and stable function. Several interesting results emerge from the modelling of the Fed funds rate over the period 1987-2002. In particular, assuming a discontinuous and asymmetric response of the Federal Reserve to fluctuations of equity prices, corrects the apparent instability of the rule.
Essays In Incomplete Markets And Financial Intermediation
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Author : Enrique Lucio Kawamura
language : en
Publisher:
Release Date : 1999
Essays In Incomplete Markets And Financial Intermediation written by Enrique Lucio Kawamura and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
These essays attempt to analyze information and coordination problems arising in economies with financial intermediaries and incomplete markets, as well as some policy implications for banking systems.
Coordination And Growth
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Author : Gerard H. Kuper
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Coordination And Growth written by Gerard H. Kuper and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
Coordination and Growth: Essays in Honour of Simon K. Kuipers, addresses a rich variety of coordination issues in macroeconomics. It contains detailed studies in economic policy, monetary economics, and growth theory and uses various methodologies to address the coordination issue: from a pure theoretical to an empirical econometric approach. It is stressed that modern macroeconomics should focus on coordination issues. Imperfections of various kinds are likely to lead to coordination failures, which can lead to large welfare losses. Macroeconomists should address the causes and implications of imperfections and failures. In this book attempts are made to increase our knowledge in this field. The book is a tribute to one of the leading Dutch macroeconomists, Simon K. Kuipers. Simon Kuipers shows a major interest in the theory of capital (following e.g. Harrod), growth theory (following Solow), monetary theory (following Tobin), and disequilibrium theory (following Malinvaud and Benassy). The lines of thought have in common that they use frictions to explain the functioning of a market economy. The nature of the frictions varies from pure quantity rationing, like in the Malinvaud analysis, to imperfect substitution of various capital goods (like in the vintage models or assets (in the general monetary equilibrium models proposed by Tobin). Kuipers is not only interested in pure theoretical contributions, he also stimulates econometric work in line with the Dutch tradition initiated by Tinbergen. His applied work relates to policy analysis and policy prescriptions in many fields, ranging from monetary economics to distortions in the labour market. Kuipers can be classified as a true Keynesian, although he admires neoclassical theory for its rigour and compactness. Better still, he is an eclectic economist with an open eye for the different schools of thought in macroeconomics.