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Trade in the Triad: How Easy is the Access to Large Markets?
Fontagne, Lionel; Mayer, Thierry; Zignago, Soledad - C.E.P.R. Discussion Papers - 2004
called the Triad: The United States, the EU and Japan. We focus on measuring possible asymmetries in market access between …
Persistent link: https://www.econbiz.de/10005504710
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Productivity, Wages and Prices Inside and Outside of Manufacturing in the US, Japan and Europe
Gordon, Robert J - C.E.P.R. Discussion Papers - 1986
. Results are presented for the United States, Japan, and an aggregate called "Europe" consisting of eleven European economies … indices for Japan and Europe. If anything, real wages in Europe and Japan were too flexible rather than too rigid, in the … sense that much of the increase in wage gap indices in Europe during 1968-70 and in Japan in 1973-74 can be interpreted as …
Persistent link: https://www.econbiz.de/10005789135
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Bid-Ask Spreads with Indirect Competition among Specialists
Gehrig, Thomas; Jackson, Matthew O. - C.E.P.R. Discussion Papers - 1997
We examine the bid-ask quotes offered by specialists (or dealers) who face indirect competition from other specialists who trade in related assets. In the context of a simple model where investors have mean variance preferences, we characterize the equilibrium bids and asks quoted by K...
Persistent link: https://www.econbiz.de/10005504767
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The Microstructure of Stock Markets
Biais, Bruno; Glosten, Larry; Spatt, Chester S - C.E.P.R. Discussion Papers - 2002
We survey the literature analysing the price formation and trading process, and the consequences of market organization for price discovery and welfare. We develop a united perspective on theoretical, empirical and experimental approaches. We discuss the evidence on transaction costs and the...
Persistent link: https://www.econbiz.de/10005788974
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Imperfect Market Monitoring and SOES Trading
Foucault, Thierry; Röell, Ailsa A; Sandås, Patrik - C.E.P.R. Discussion Papers - 1999
We develop a model of price formation in a dealership market where monitoring of the information flow requires costly effort. The result is imperfect monitoring, which creates profit opportunities for speculators, who do not act as dealers but simply monitor the information flow and quote...
Persistent link: https://www.econbiz.de/10005791723
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The Carry Trade and Fundamentals: Nothing to Fear But FEER Itself
Jordà, Òscar; Taylor, Alan M. - C.E.P.R. Discussion Papers - 2009
strategies. When we do so, some questions are resolved: negative skewness is purged, and market volatility (VIX) is uncorrelated …
Persistent link: https://www.econbiz.de/10008491718
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The Crisis in the Foreign Exchange Market
Melvin, Michael; Taylor, Mark P - C.E.P.R. Discussion Papers - 2009
We provide an overview of the important events of the recent global financial crisis and their implications for exchange rates and market dynamics. Our goal is to catalogue all that was truly of major importance in this episode. We also construct a quantitative measure of crises that allows for...
Persistent link: https://www.econbiz.de/10008528525
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A Transaction Level Study of the Effects of Central Bank Intervention of Exchange Rates
Payne, Richard; Vitale, Paolo - C.E.P.R. Discussion Papers - 2001
event study analysis we find that intervention has important short-run effects on exchange ate returns and volatility. In …
Persistent link: https://www.econbiz.de/10005497953
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Biases of Professional Exchange Rate Forecasts: Psychological Explanations and an Experimentally-Based Comparison to Novices
Bofinger, Peter; Leitner, Johannes; Schmidt, Robert - C.E.P.R. Discussion Papers - 2004
The empirical performance of macroeconomic exchange rate models is more than disappointing. This dismal result is also reflected in the forecasting capabilities of professional analysts: all in all, analysts are not in a position to beat naïve random walk forecasts. The root for this deficient...
Persistent link: https://www.econbiz.de/10005504428
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Should One Rely on Professional Exchange Rate Forecasts? An Empirical Analysis of Professional Forecasts for the €/US$ Rate
Bofinger, Peter; Schmidt, Robert - C.E.P.R. Discussion Papers - 2004
The study analyses the characteristics of professional exchange rate forecasts for the €/US$ rate. The results indicate that the quality of forecasts produced by professional economists is rather poor and incompatible with the rational expectations hypothesis. This dismal result is according...
Persistent link: https://www.econbiz.de/10005666725