In this paper we apply a learning model from machine learning, to a human trading crowd to understand why the no trade theorem was rejected. Our results reveal that trading volume in a continuous double auction market is associated with inverse learning curves. Inverse learning results from...

We develop a method for identifying and quantifying the fiscal channels that help finance government spending shocks. We define fiscal shocks as surprises in defense spending and show that they are more precisely identified when defense stock data are used in addition to aggregate macroeconomic...

We study deviations from the Law-of-One-Price using microeconomic data on the retail prices of approximately 220 individual goods and services across 122 cities located in 79 countries over the period from 1990 to 2000.