منابع مشابه
Government Intervention and Strategic Trading in the U.S. Treasury Market
We study the impact of outright (i.e., permanent) Open Market Operations (POMOs) by the Federal Reserve Bank of New York (FRBNY) on the microstructure of the secondary U.S. Treasury market. POMOs are trades in U.S. Treasury securities aimed at accomplishing the Federal Reserve’s target level of the federal funds rate. Our analysis is motivated by a parsimonious model of speculative trading in t...
متن کاملFood Security and Government Intervention
All human societies must solve a set of problems related to food. The first of these is to procure edible plants and animals through some form of production process. Early humans relied mainly on hunting, fishing, and gathering all of which are still practiced in the modern world. About 10,000 years ago, certain plants and animals were domesticated giving rise to new methods to produce food. Cr...
متن کاملGovernment intervention and information aggregation by prices1
Market prices are thought to contain a lot of useful information. Hence, regulators (and other agents) are often urged to use market prices to guide decisions. An important issue to consider is the endogeneity of market prices and how they are affected by the prospect of government intervention. We show that if the government learns from the price when taking a corrective action, it might reduc...
متن کاملGovernment Intervention and Information Aggregation by Prices
Governments intervene in firms’ lives in a variety of ways. To enhance the efficiency of government intervention, many researchers and policy makers call for governments to make use of information contained in stock market prices. However, price informativeness is endogenous to government policy. We analyze government policy in light of this endogeneity. In some cases, it is optimal for a gover...
متن کاملAllowance Trading Activity and State Regulatory Rulings :
The U.S. Acid Rain Program is one of the first, and by far the most extensive, applications of a market based approach to pollution control. From the beginning, there has been concern whether utilities would participate in allowance trading, and whether regulatory activity at the state level would further complicate utilities' decision to trade allowances. This paper finds that public utility c...
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ژورنال
عنوان ژورنال: The Modern Law Review
سال: 1981
ISSN: 0026-7961
DOI: 10.1111/j.1468-2230.1981.tb01628.x