exposure. Cognition limits lengthen the market price recovery. They also imply that traders who find that their institution has … simultaneously placing limit orders to sell later when the price will have recovered. This generates round trip trades, which raise …

informational efficiency of the price system. We show that, when agents have private information about monetary shocks, the cost can …

. In particular, we look at the frequency and magnitudes of price changes in both countries and find that the results in …