. Initial results show that relative changes in consumer confidence in the USA and the Eurozone (CCI), relative consumer price …

between Japan and the USA. The results indicate that high-frequency finance data can reveal the existence of long-term PPP …

between Japan and the USA. The results indicate that high-frequency finance data can reveal the existence of long-term PPP …

.95%) and steel use finished products (CHN 9.38%; ITA 1.65%), whereas the USA have higher average annual growth of imports (13 …

We develop a model of rational bubbles based on the assumptions of unknown market liquidity and limited liability of … condition for whether rational bubbles are possible. Based on this analysis, we discuss several widely-discussed policy measures … with respect to their effectiveness in preventing bubbles. A reduction of manager bonuses or a Tobin tax can create or …

Bubbles are generally considered the outcome of investor irrationality or informational asymmetry, both objectionable … prices make a lognormal price process that nests the classic CAPM with a potential for endogenous bubbles through learning … might burst to bubbles or decline to near-zero, “pink-sheet†valuations. When the technology shifts phase to generate …

We develop a parsimonious model of bubbles based on the assumption of imprecisely known market depth. In a speculative … possibility of bubbles depending on the risk-free rate, uncertainty about market depth, and traders’ degree of leverage. This … allows us to discuss several policy measures. Bubbles always reduce aggregate welfare. Among others, certain monetary policy …