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Dynamic Trading and Asset Prices: Keynes vs. Hayek
Cespa, Giovanni; Vives, Xavier - C.E.P.R. Discussion Papers - 2009
We investigate the dynamics of prices, information and expectations in a competitive, noisy, dynamic asset pricing equilibrium model. We show that prices are farther away from (closer to) fundamentals compared with average expectations if and only if traders over- (under-) rely on public...
Persistent link: https://www.econbiz.de/10008477180
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Stock Markets and Business Cycle Comovement in Germany Before World War I: Evidence from Spectral Analysis
Ritschl, Albrecht; Uebele, Martin - C.E.P.R. Discussion Papers - 2005
This paper examines the comovement of the stock market and of real activity in Germany before World War I under the efficient market hypothesis. We employ multivariate spectral analysis to compare rivaling national product estimates to stock market behaviour in the frequency domain. Close...
Persistent link: https://www.econbiz.de/10005666693
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Efficient Market Hypothesis and Forecasting
Granger, Clive; Timmermann, Allan G - C.E.P.R. Discussion Papers - 2002
The efficient market hypothesis gives rise to forecasting tests that mirror those adopted when testing the optimality of a forecast in the context of a given information set. However, there are also important differences arising from the fact that market efficiency tests rely on establishing...
Persistent link: https://www.econbiz.de/10005791371
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Multi-Trait Matching and Intergenerational Mobility: A Cinderella Story
Chen, Natalie; Conconi, Paola; Perroni, Carlo - C.E.P.R. Discussion Papers - 2011
finding, we describe a model of multi-trait matching and inheritance, in which individuals’ attractiveness in the marriage …
Persistent link: https://www.econbiz.de/10009320404
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Search and Matching in the Housing Market
Genesove, David; Han, Lu - C.E.P.R. Discussion Papers - 2010
the elasticity of the matching function. …
Persistent link: https://www.econbiz.de/10008468515
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Gender and Racial Biases: Evidence from Child Adoption
Baccara, Mariagiovanna; Collard-Wexler, Allan; Felli, … - C.E.P.R. Discussion Papers - 2010
This paper uses a new data set on domestic child adoption to document the preferences of potential adoptive parents over born and unborn babies relinquished for adoption by their birth mothers. We show that adoptive parents exhibit significant biases in favor of girls and against...
Persistent link: https://www.econbiz.de/10008468711
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Matching with Trade-offs: Revealed Preferences over Competing Characteristics
Galichon, Alfred; Salanié, Bernard - C.E.P.R. Discussion Papers - 2010
We investigate in this paper the theory and econometrics of optimal matchings with competing criteria. The surplus from … characteristics that the analyst does not observe. The social optimum must therefore trade off matching on incomes and matching on … set of feasible matchings and of the socially optimal matching. Then we show how data on the covariation of the types of …
Persistent link: https://www.econbiz.de/10008530351
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A Test Between Unemployment Theories Using Matching Data
Coles, Melvyn G; Petrongolo, Barbara - C.E.P.R. Discussion Papers - 2002
A new methodology is described which tests between various equilibrium theories of unemployment using matching data … identify a matching process using data which is recorded monthly, and also shows how to identify different unemployment … employment agency data for the UK over the period 1985-99. Although the standard random matching approach provides a reasonably …
Persistent link: https://www.econbiz.de/10005123575
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Jobs and Unemployment in Macroeconomic Theory: A Turbulence Laboratory
Ljungqvist, Lars; Sargent, Thomas J - C.E.P.R. Discussion Papers - 2005
who suffer involuntary layoffs. Matching and search-island models have labour market frictions and incomplete markets. The …
Persistent link: https://www.econbiz.de/10005123618
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Temporal Aggregation Bias in Stock-Flow Models
Burdett, Kenneth; Coles, Melvyn G; Ours, Jan C van - C.E.P.R. Discussion Papers - 1994
The matching function describes the flow of job creation as a function of the stocks of unemployed and vacancies. Most …
Persistent link: https://www.econbiz.de/10005123733