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Noise Trading, Transaction Costs, and the Relationship of Stock Returns and Trading Volume

Noise Trading, Transaction Costs, and the Relationship of Stock Returns and Trading Volume »

Source: Noise Trading, Transaction Costs, and the Relationship of Stock Returns and Trading Volume

Volume/Issue: 1994/126

Series: IMF Working Papers

Author(s): Charles Kramer

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1994

ISBN: 9781451854879

Keywords: transactions costs, equation, explanatory power, statistics, orthogonality

The relationship of stock returns and trading volume is the focus of much recent interest. I examine an economic model of a rational trader who operates in a market with transactions costs and noise trading. The le...

Wage Contracts, Capital Mobility, and Macroeconomic Policy

Wage Contracts, Capital Mobility, and Macroeconomic Policy »

Source: Wage Contracts, Capital Mobility, and Macroeconomic Policy

Volume/Issue: 1995/10

Series: IMF Working Papers

Author(s): Pierre-Richard Agénor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1995

ISBN: 9781451842647

Keywords: wage, export sector, transactions costs, nominal interest rate

This paper examines the long-run effects of macroeconomic policy shocks on the behavior of output, inflation, real wages and the real exchange rate in a small open economy. The analysis is based on a two-sector, th...

Transactions Costs and Vehicle Currencies

Transactions Costs and Vehicle Currencies »

Source: Transactions Costs and Vehicle Currencies

Volume/Issue: 1989/96

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 November 1989

ISBN: 9781451949902

Keywords: transactions costs, foreign exchange, exchange rate, exchange rate risk, world trade

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, inclu...

A Formal Model of Optimum Currency Areas

A Formal Model of Optimum Currency Areas »

Source: A Formal Model of Optimum Currency Areas

Volume/Issue: 1994/42

Series: IMF Working Papers

Author(s): Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 1994

ISBN: 9781451846171

Keywords: Monetary unions, exchange rate, currency areas, optimum currency areas, transactions costs, currency unions

A model of optimum currency areas is presented using a general equilibrium model with regionally differentiated goods. The choice of a currency union depends upon the size of the underlying disturbances, the correl...

Noise Trading, Transaction Costs, and the Relationship of Stock Returns and Trading Volume

Noise Trading, Transaction Costs, and the Relationship of Stock Returns and Trading Volume »

Volume/Issue: 1994/126

Series: IMF Working Papers

Author(s): Charles Kramer

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1994

DOI: http://dx.doi.org/10.5089/9781451854879.001

ISBN: 9781451854879

Keywords: transactions costs, equation, explanatory power, statistics, orthogonality

The relationship of stock returns and trading volume is the focus of much recent interest. I examine an economic model of a rational trader who operates in a market with transactions costs and noise trading. The le...

Wage Contracts, Capital Mobility, and Macroeconomic Policy

Wage Contracts, Capital Mobility, and Macroeconomic Policy »

Volume/Issue: 1995/10

Series: IMF Working Papers

Author(s): Pierre-Richard Agénor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1995

DOI: http://dx.doi.org/10.5089/9781451842647.001

ISBN: 9781451842647

Keywords: wage, export sector, transactions costs, nominal interest rate

This paper examines the long-run effects of macroeconomic policy shocks on the behavior of output, inflation, real wages and the real exchange rate in a small open economy. The analysis is based on a two-sector, th...

Transactions Costs and Vehicle Currencies

Transactions Costs and Vehicle Currencies »

Volume/Issue: 1989/96

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 November 1989

DOI: http://dx.doi.org/10.5089/9781451949902.001

ISBN: 9781451949902

Keywords: transactions costs, foreign exchange, exchange rate, exchange rate risk, world trade

The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, inclu...

A Formal Model of Optimum Currency Areas

A Formal Model of Optimum Currency Areas »

Volume/Issue: 1994/42

Series: IMF Working Papers

Author(s): Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 1994

DOI: http://dx.doi.org/10.5089/9781451846171.001

ISBN: 9781451846171

Keywords: Monetary unions, exchange rate, currency areas, optimum currency areas, transactions costs, currency unions

A model of optimum currency areas is presented using a general equilibrium model with regionally differentiated goods. The choice of a currency union depends upon the size of the underlying disturbances, the correl...