منابع مشابه
Catering Through Nominal Share Prices
We develop and test a catering theory of nominal stock prices. The theory predicts that managers set share prices at lower levels when investors place higher valuations on low-price firms and at higher levels when investors favor high-price firms. Using several measures of time-varying catering incentives based on valuation ratios, split announcement effects, and future returns, we find empiric...
متن کاملMonetary Effects on Nominal Oil Prices
The paper presents a theory of nominal asset prices for competitively owned oil. Focusing on monetary e¤ects, with exible oil prices the US dollar oil price should follow the aggregate US price level. But with rigid nominal oil prices, the nominal oil price jumps proportionally to nominal interest rate increases. We nd evidence for structural breaks in the nominal oil price that are used to i...
متن کاملAsset Prices , Nominal Rigidities , and Monetary Policy
Working papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded official Federal Reserve Bank of Cleveland publications. The views stated herein are those of the authors and are not necessarily those of the Federal Reserve Bank...
متن کاملTargeting nominal GDP or prices: Guidance and expectation dynamics
We examine global dynamics under infinite-horizon learning in New Keynesian models where monetary policy practices either pricelevel or nominal GDP targeting and compare these regimes to inflation targeting. These interest-rate rules are subject to the zero lower bound. Robustness of the three rules in learning adjustment are compared using criteria for the domain of attraction of the targeted ...
متن کاملPass-Through Effects of Global Food Prices on Consumer Prices in Iran
T he objective of this study is using the Markov Switching Vector Autoregressive method and regime dependent impulse response functions to measure the pass-through of world food prices to consumer price index in Iran from 1990 to 2013. With respect to information criteria and the log-likelihood ratio statistic, MSIA(2)-VAR(1) model has a better fit to data than other models. The magn...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2008
ISSN: 1556-5068
DOI: 10.2139/ssrn.1083548