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PDF Ebook Option Trading and Oil Futures Markets

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Story - antoq - 10/18/2010 - 13:46 - 155 comments - 0 attachments

Ebook Analysis of Implied Volatility Surfaces

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Story - puput - 11/30/2010 - 06:41 - 7 comments - 0 attachments

PDF Ebook Flying Fat

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Story - antoq - 11/03/2010 - 05:58 - 0 comments - 0 attachments

Ebook Goods Market Frictions and Real Exchange Rate Puzzles

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Story - puput - 11/20/2010 - 07:55 - 1 comment - 0 attachments


PDF Ebook How Workers Get Poor Because Capitalists Get Rich

Submitted by antoq on Tue, 05/26/2009 - 08:51

Inequality in earnings has increased significantly in any countries over the last two decades or so. 1 One aspect of this is the increase in the earnings gap between workers and those who own capital assets. Another aspect is the increase in the earnings gap between workers belonging to different religious, ethnic or language groups. 2 Both aspects have been documented and debated at length. Our paper contributes to this literature by providing one explanation of how an initial increase in the incomes of capital owners, regardless of its cause, can feed back into the economy to: (a) reduce the earnings of workers of all communities, (b) increase the earnings gap between workers belonging to different communities even when there is no segmentation or discrimination in the labor market, and (c) increase the incomes of capital owners even further.

Two strands of thought motivate our analysis—the first emanating from a social observation, and the second from a question. The social observation is that “vertical” ties of community cut across “horizontal” class difference between poor and rich individuals. These community ties can be of different types—ethnic, religious, clan, etc—but they exert a pull and affect behavior over and above class position. This is the observation. The question is as follows: can the poor become poorer because the rich become richer? Or, to put the question differently, if the rich become richer for whatever reason, could this event, simply by itself, generate forces that would subsequently reduce the welfare of the poor? Both the observation and the question need elaboration. We start with the question.

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Ebook Intellectual Access to Digital Art-Objects

Submitted by antoq on Wed, 01/07/2009 - 06:58

Screen shot Intellectual Access to Digital Art-Objects

Erwin Panofsky, arguably one of the most influential thinkers of the modern era, is most commonly associated with his "Studies in Iconology,” a series of lectures published in English in 1955. In these lectures, he describes a theoretical system that allows for interpretations of Renaissance paintings in light of philosophy, classical mythology, and general humanistic knowledge. What was particularly distinctive about this methodology was his claim that it held the key to the history of artistic styles as an expression or manifestation of changing worldviews, or Weltanschauung.

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PDF Ebook Imperfect Knowledge, Inflation Expectations, and Monetary Policy

Submitted by antoq on Wed, 03/31/2010 - 07:55

Rational expectations provides an elegant and powerful framework that has come to dominate thinking about the dynamic structure of the economy and econometric policy evaluation over the past 30 years. This success has spurred further examination into the strong information assumptions implicit in many of its applications. Thomas Sargent (1993) concludes that “rational expectations models impute much more knowledge to the agents within the model ... than is possessed by an econometrician, who faces estimation and inference problems that the agents in the model have somehow solved” (p. 3, emphasis in original).1 Researchers have proposed refinements to rational expectations that respect the principle that agents use information efficiently in forming expectations, but nonetheless recognize the limits to and costs of information-processing and cognitive constraints that influence the expectations-formation process (Sargent 1999, Evans and Honkapohja 2001, Sims 2003).

In this study, we allow for a form of imperfect knowledge in which economic agents rely on an adaptive learning technology to form expectations. This form of learning represents a relatively modest deviation from rational expectations that nests it as a limiting case. We show that the resulting process of perpetual learning introduces an additional layer of interaction between monetary policy and economic outcomes that has important implications for macroeconomic dynamics and for monetary policy design. As we illustrate, monetary policies that would be efficient under rational expectations can perform poorly when knowledge is imperfect. In particular, with imperfect knowledge, policies that fail to maintain tight control over inflation are prone to episodes in which the public’s expectations of inflation become uncoupled from the policy objective. The presence of this imperfection makes stabilization policy more difficult than would appear under rational expectations and highlights the value of effectively communicating a central bank’s inflation objective and of continued vigilance against inflation in anchoring inflation expectations and fostering macroeconomic stability.

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