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A descriptive analysis of the Finnish treasury bond market 1991–1999

Keloharju, Matti; Malkamäki, Markku; Nyborg, Kjell G.; … - EconWPA - 2004

This paper presents a descriptive analysis of the primary and secondary market for Finnish treasury bonds. The paper focuses on three issues. First, we report basic descriptive statistics such as auction volumes and secondary market yields and volumes. Second, we estimate the revenues earned by...

Persistent link: https://www.econbiz.de/10005134696

E-commerce : Quelques éléments d'économie industrielle

Gaudeul, Alexandre; Jullien, Bruno - EconWPA - 2004

L'exposé présente un certain nombre d'éléments expliquant pourquoi les activités se développant sur le Net ne peuvent pas être bien appréhendées dans un contexte de concurrence parfaite, et discute la nature des barrières à l'entrée. Nous verrons que l'essentiel des changements...

Persistent link: https://www.econbiz.de/10005561467

E-commerce, two-sided markets and info-mediation

Gaudeul, Alexandre; Jullien, Bruno - EconWPA - 2005

Participants in a market, buyers and sellers, may need the service of an intermediary who will put them into contact and give them information about their potential trading partner. The intermediary chooses what price it will charge to each side to have access to its service. It also chooses...

Persistent link: https://www.econbiz.de/10005134532

New Trade Theory Takes Over Monetary Theory

Gani, M - EconWPA - 2004

Prevailing trade theory is a neglected stepchild of economics. Micro rejects the sole reason for trade’s occurrence. It declares zero profit in equilibrium. Monetary theory and macroeconomics dismiss concerns of trade financing. They assert that money has nothing to do with traded output, but...

Persistent link: https://www.econbiz.de/10005408069

The Effects of E-commerce on the Structure of Intermediation

Schmitz, Stefan W. - EconWPA - 2002

interpreting intermediation as a single service it is pointed out that intermediaries can provide a number of services. The … intermediation services studied are, generally, not under threat by the diffusion of electronic commerce. The overall effects on … intermediation depend on the relevance of these services relative to others (e.g. order processing) which are supposed to become …

Persistent link: https://www.econbiz.de/10005412901

Internet Intermediaries' Editorial Content Quality

Gaudeul, Alexandre - EconWPA - 2004

Information intermediaries deliver information about a supplier's product. They are paid by those same suppliers they certify. This introduces conflicts of interests as the intermediaries want to retain customers by delivering truthful information about suppliers, while suppliers would want the...

Persistent link: https://www.econbiz.de/10005076854

Pricing and Hedging Options in Incomplete Markets: Idiosyncratic Risk, Systematic Risk and Stochastic Volatility

Hayette, Gatfaoui; Thierry, Chauveau - EconWPA - 2004

Starting from the European option valuation framework of Chauveau & Gatfaoui (2002), we establish the link with stochastic volatility models. And, we propose both a new vision and a general framework for valuing European options in the light of systematic and idiosyncratic risks affecting risky...

Persistent link: https://www.econbiz.de/10005134850

Heterogeneity and Aggregation in the Labor Market: Implications for Aggregate Preference Shifts

Chang, Yongsung; Kim, Sun-Bin - EconWPA - 2004

The cyclical behavior of hours worked, wages, and consumption does not conform with the prediction of the representative agent with standard preferences. The residual in the intra-temporal first-order condition for commodity consumption and leisure is often viewed as a failure of labor-market...

Persistent link: https://www.econbiz.de/10005076681

Oil price volatility and the asymmetric response of gasoline prices to oil price increases and decreases

Radchenko, Stanislav - EconWPA - 2004

This paper analyzes the effect of volatility in oil prices on the degree of asymmetry in the response of gasoline prices to oil price increases and decreases. Several time series measures of the asymmetry between the responses of gasoline prices to oil price increases and decreases and several...

Persistent link: https://www.econbiz.de/10005412951

Equality of Demand and Supply Neither Determines Price Nor Clears the Market

Gani, Mohammad - EconWPA - 2004

market price exceeds marginal cost to permit gainful trade. Intermediation breaks the link between cost and price and benefit …

Persistent link: https://www.econbiz.de/10005413280