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"We show that the stock market may fail to aggregate information even if it appears to be efficient and that the resulting decrease in the information content of stock prices may drastically reduce welfare. We solve a macroeconomic model in which information about fundamentals is dispersed and...
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establishment of currency unions, the monetizing of recently acquired colonies, preferential trade arrangements, and customs unions …
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"This paper demonstrates that "commodity currency" exchange rates have remarkably robust power in predicting future …
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