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  1. Micro evidence on the adjustment of sticky-price goods
    it's how often, not how much
    Erschienen: 01 Nov. 2005
    Verlag:  Univ., Dep. of Economics, Copenhagen

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    W 42 (2005.20)
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    keine Fernleihe
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Discussion papers / Department of Economics, University of Copenhagen ; 05.20
    Schlagworte: Preisrigidität; Inflation; Schätzung; Schweiz; Restaurants; Restaurants; Pricing; Inflation (Finance)
    Umfang: Online-Ressource, 18 p. = 195 Kb, text, ill
    Bemerkung(en):

    nBibliography
  2. Vehicle currency use in international trade
    Erschienen: Jan. 2005
    Verlag:  Federal Reserve Bank of New York, New York, NY

    "Although currency invoicing in international trade transactions is central to the transmission of monetary policy, the forces motivating the choice of currency have long been debated. We introduce a model wherein agents involved in international... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    W 1140 (200)
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    "Although currency invoicing in international trade transactions is central to the transmission of monetary policy, the forces motivating the choice of currency have long been debated. We introduce a model wherein agents involved in international trade can invoice in the exporter's currency, the importer's currency, or a third-country vehicle currency. The model is designed to contrast the contribution of macroeconomic variability with that of industry-specific features in the selection of an invoice currency. We show that producers in industries with high demand elasticities are more likely than producers in other industries to display herding in their choice of currency. This industry-related force is more influential than local macroeconomic performance in determining producers' choices. Drawing on data on invoice currency use in exports and imports for twenty-four countries, we document that the dollar is the currency of choice for most transactions involving the United States. The dollar is also extensively used as a vehicle currency in international trade flows that do not directly involve the United States. Consistent with the results of our model, this last finding is largely attributable to international trade in reference-priced goods and goods traded on organized exchanges. Although the magnitude of business cycle volatility matters for invoicing of more differentiated products, it is less central for invoicing nondifferentiated goods"--Federal Reserve Bank of New York web site

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/60683
    Schriftenreihe: Staff reports / Federal Reserve Bank of New York ; 200
    Schlagworte: Währungsmanagement; Währungssubstitution; Geldpolitik; Geldpolitische Transmission; Internationale Wirtschaft; USA; currency invoicing; International trade; Currency question; Monetary policy; Foreign exchange rates; Pricing; Currency
    Umfang: Online Ressource, 40 p, text, ill
    Bemerkung(en):

    Title from PDF file as viewed on 2/15/2005

    Includes bibliographical references
  3. Arbitrage pricing theory
    Autor*in: Huberman, Gur
    Erschienen: [2005]
    Verlag:  Federal Reserve Bank of New York, New York, NY

    Focusing on capital asset returns governed by a factor structure, the Arbitrage Pricing Theory (APT) is a one-period model, in which preclusion of arbitrage over static portfolios of these assets leads to a linear relation between the expected return... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    W 1140 (216)
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    keine Fernleihe
    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 207 (216)
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    keine Fernleihe

     

    Focusing on capital asset returns governed by a factor structure, the Arbitrage Pricing Theory (APT) is a one-period model, in which preclusion of arbitrage over static portfolios of these assets leads to a linear relation between the expected return and its covariance with the factors. The APT, however, does not preclude arbitrage over dynamic portfolios. Consequently, applying the model to evaluate managed portfolios is contradictory to the no-arbitrage spirit of the model. An empirical test of the APT entails a procedure to identify features of the underlying factor structure rather than merely a collection of mean-variance efficient factor portfolios that satisfies the linear relation. -- arbitrage ; asset pricing model ; factor model

     
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    Sprache: Englisch
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    Format: Online
    Weitere Identifier:
    hdl: 10419/60653
    Schriftenreihe: Staff reports / Federal Reserve Bank of New York ; 216
    Schlagworte: Arbitrage Pricing; CAPM; Theorie; Arbitrage; Pricing
    Umfang: Online-Resource (PDF-Datei: 18 S., 188 KB)
    Bemerkung(en):

    Record-last-verified: 28-11-05

    Title from PDF file as viewed on 9/1/2005

    Includes bibliographical references
  4. Do expected future marginal costs drive inflation dynamics?
    Autor*in: Sbordone, Argia M.
    Erschienen: Mar. 2005
    Verlag:  Federal Reserve Bank of New York, New York, NY

    "This article discusses a more general interpretation of the two-step minimum distance estimation procedure proposed in earlier work by Sbordone. The estimator is again applied to a version of the New Keynesian Phillips curve, in which inflation... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    W 1140 (204)
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    "This article discusses a more general interpretation of the two-step minimum distance estimation procedure proposed in earlier work by Sbordone. The estimator is again applied to a version of the New Keynesian Phillips curve, in which inflation dynamics are driven by the expected evolution of marginal costs. The article clarifies econometric issues, addresses concerns about uncertainty and model misspecification raised in recent studies, and assesses the robustness of previous results. While confirming the importance of forward-looking terms in accounting for inflation dynamics, it suggests how the methodology can be applied to extend the analysis of inflation to a multivariate setting"--Federal Reserve Bank of New York web site

     
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    Sprache: Englisch
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    Weitere Identifier:
    hdl: 10419/60552
    Schriftenreihe: Staff reports / Federal Reserve Bank of New York ; 204
    Schlagworte: Inflation; Neoklassische Synthese; Phillips-Kurve; VAR-Modell; Grenzkosten; Inflation (Finance); Pricing; Markup; Keynesian economics; Inflation
    Umfang: Online-Ressource, 23 p., text
    Bemerkung(en):

    Title from PDF file as viewed on 3/23/2005

    Includes bibliographical references
  5. Characterizations of long-run producer optima and the short-run approach to long-run market equilibrium
    a general theory with applications to peak-load pricing
    Erschienen: May 2005
    Verlag:  LSE, STICERD, London

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    W 117 (490)
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    keine Fernleihe
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Theoretical economics publications ; 490
    Schlagworte: Allgemeines Gleichgewicht; Lastmanagement; Equilibrium (Economics); Pricing
    Umfang: Online-Ressource, 144 p., text