This paper takes the trade dataset of the value C and the volume V of executed transactions and regards relations C=pV as the only definition of the implemented price p. Any other price definitions, price models and forecasts form agents price expectations. Expectations force agents perform...

This paper studies quantitative macro-finance model and describes Investment and Profits surface-like risk waves. We regard macro-finance as ensemble of economic agents and use their risk ratings as coordinates on economic space. Aggregations of agent's financial variables with risk coordinates...

This paper describes waves of Credit-Loans macro financial transactions on economic space. We use agent's risk ratings as their coordinates and describe evolution of macro financial variables by transactions between agents. Aggregations of agent's financial variables with risk coordinates x on...

This paper describes continuous time macro-finance via dynamics of financial transactions between economic agents. Risk ratings of agents play role of their coordinates x on economic space. Financial variables of agents like Investment or Assets, Profits or Credits allow describe corresponding...

This paper presents macro-finance as ensemble of economic agents and suggests use risk ratings of economic agents as their coordinates on economic space. Financial variables of separate economic agents are defined as functions of time and coordinates on economic space. Aggregations of financial...

This paper describes expectations and Buy-Sell transactions of assets as ground for modeling trading volume and price fluctuations. We study simple model of mutual relations between transactions and expectations and derive economic equations that describe disturbances of asset prices, trading...

This paper develops economic theory framework free from general equilibrium assumptions. We describe macroeconomics as system of economic agents under action of n risks. Economic and financial variables of agents, their expectations and transactions between agents define macroeconomic variables....

This paper describes asset price and return disturbances as result of relations between transactions and multiple kinds of expectations. We show that disturbances of expectations can cause fluctuations of trade volume, price and return. We model price disturbances for transactions made under all...

This paper models price volatility through description of the second-degree transactions and expectations averaged by time interval Δ. We call it - the second-order economic theory. First two price statistical moments define volatility. To model volatility one needs description of the squares...

We show that the price and returns volatilities depend on the first and the second degree of the total values and the total volumes of the transactions aggregated during averaging time interval Δ. We derive expressions that describe price volatility via volatilities of the value and the volume...