Standard simple-sum monetary aggregates, like M3, sum up monetary assets that are imperfect substitutes and provide different transaction and investment services. Divisia monetary aggregates, originated from Barnett (1980), are derived from economic aggregatio and index number theory and aim to...

In this paper, we evaluate the impacts of capital markets in housing prices of São Paulo City, which is the largest municipality in Brazil. The analysis covers the period from January 2001 to March 2008 and the method applied was based on the model of hedonic pricing. As expected, the...

This paper presents a straightforward method for asymptotically removing the well-known upward bias in observed returns of equally-weighted portfolios. Our method removes all of the bias due to any random transient errors such as bid-ask bounce and allows for the estimation of short horizon...