Three Essays In Finance And Macroeconomics
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Three Essays In Finance And Macroeconomics
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Author : Tong Zhang
language : en
Publisher:
Release Date : 2019
Three Essays In Finance And Macroeconomics written by Tong Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Three Essays In Macroeconomics And Finance
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Author : David Henry Bowman
language : en
Publisher:
Release Date : 1993
Three Essays In Macroeconomics And Finance written by David Henry Bowman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with categories.
Three Essays In Finance And Macroeconomics
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Author : Stavros Panageas
language : en
Publisher:
Release Date : 2005
Three Essays In Finance And Macroeconomics written by Stavros Panageas 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.
In the first chapter I investigate whether firms' physical investments react to the speculative over-pricing of their securities. I introduce investment considerations in an infinite horizon continuous time model with short sale constraints and heterogeneous beliefs along the lines of Scheinkman and Xiong (2003) and obtain closed form solutions for all quantities involved. I show that market based q and investment are increased, even though such investment is not warranted on the basis of long run value maximization. I use a simple episode to test the hypothesis that investment reacts to over-pricing. With publicly available data on short sales during the 1920's, I examine both the price reaction and the investment behavior of a number of companies that were introduced into the "loan crowd" during the first half of 1926. In line with Jones and Lamont (2002), I interpret this as evidence of overpricing due to speculation. I find that investment by these companies follows both the increase and the decline in "q" before and after the introduction, suggesting that companies in this sample reacted to security over-pricing. In the next chapter of the thesis (co-authored with E. Farhi) we study optimal consumption and portfolio choice in a framework where investors save for early retirement. We assume that agents can adjust their labor supply only through an irreversible choice of their retirement time. We obtain closed form solutions and analyze the joint behavior of retirement time, portfolio choice, and consumption. In the final chapter of the thesis (co-authored with R. Caballero) we turn attention to hedging of sudden stops. We observe that even well managed emerging market economies are exposed to significant external risk, the bulk of which is financial. We focus on the optimal financial policy of such an economy under different imperfections and degrees of crowding out in its hedging opportunities.
Three Essays In Macroeconomics And Finance
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Author : Stefan Pitschner
language : en
Publisher:
Release Date : 2016
Three Essays In Macroeconomics And Finance written by Stefan Pitschner and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Three Essays In International Macroeconomics And Finance
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Author : Enrique Martinez-Garcia
language : en
Publisher:
Release Date : 2007
Three Essays In International Macroeconomics And Finance written by Enrique Martinez-Garcia and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
Three Essays On International Finance And Macroeconomics
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Author : Hiroyuki Ito
language : en
Publisher:
Release Date : 2004
Three Essays On International Finance And Macroeconomics written by Hiroyuki Ito and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
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.
Finance Culture And Real Economy
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Author : Martin Strieborny
language : en
Publisher:
Release Date : 2010
Finance Culture And Real Economy written by Martin Strieborny and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
Three Essays In Macroeconomics And Finance
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Author :
language : en
Publisher:
Release Date : 2014
Three Essays In Macroeconomics And Finance written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with International finance categories.
This thesis addresses three issues in the fields of macroeconomics and international finance. The first chapter examines how institutional investors, such as mutual funds and hedge funds, tend to transmit economic and financial shocks across borders. Using a novel micro-level dataset on portfolio investments from a vast number of funds located in advanced markets, I find strong evidence of contagion propagating through the fund industry. Changes in economic and financial conditions in advanced markets generate global waves of portfolio inflows (outflows) with a massive impact on emerging markets' funding. I illustrate this finding by deriving contagion maps showing where contagion spreads and with what intensity. I also find that countries that are politically unstable and that are remote from the main financial centers are the main victims of such contagion. Overall, the results clearly suggest that push effects from advanced market investors affect developing countries and expose them to sudden stops and surges. The second chapter, co-authored with Shekhar Aiyar, Romain Duval, Longmei Zhang and Yiqun Wu, investigates the existence, and potential determinants, of the so-called "middle income trap", defined as the phenomenon of rapidly growing economies stagnating at middle-income levels and failing to graduate into the ranks of high income countries. We examine the middle-income trap as a special case of growth slowdowns and identify slowdowns as large sudden and sustained deviations from the growth path predicted by a basic conditional convergence framework. We then examine their determinants by means of probit regressions, looking into the role of institutions, demography, infrastructure, the macroeconomic environment, output structure and trade structure. Two variants of Bayesian Model Averaging are used as robustness checks. The results-including some that speak to the special status of middle-income countries-are then used to derive policy implications. The third chapter, co-authored with David Pothier, proposes a theory explaining the cyclical properties of the income distribution. We develop a two sector general equilibrium model in which agents have non-homothetic preferences and differ in terms of their initial ownership of capital. We show that when sectors differ in terms of their relative labour- and capital-intensity, changes in the composition of aggregate demand is an important channel through which productivity shocks are propagated through the economy. We then use this framework to study the distributional consequences of business-cycle shocks. Consistent with empirical evidence, we find income inequality (as measured by the Gini coefficient) to be counter-cyclical and this effect to be driven mostly by changes in the level of employment and, to a lesser degree, by changes in relative factor prices. Interestingly, we also find that changes in the concentration of capital ownership have negligible effects on both the level and the cyclical properties of income inequality.
Three Essays On Macroeconomics And Finance
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Author : Xuetao Song
language : en
Publisher:
Release Date : 2016
Three Essays On Macroeconomics And Finance written by Xuetao Song and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.