the aim of this paper is analyzing the role of psychology of numbers in financial markets and in this area, investigates the price clustering phenomenon in trading prices of tehran stock exchange. price clustering is one of anomalies that have been observed in financial markets that representative psychological biases or tendency to specific numbers in the market. this phenomenon includes of de...

differing consumption patterns among individuals along with relative commodity price changes has made inflation effects differ from one person to another. on the other hand, inflation continues to be a general phenomenon in iranian economy. the impacts of price changes on rural poverty have been hereby investigated. for this, market price fluctuations in rural areas of fars province during the ...

the main purpose of this paper is to examine the convergence of price-levels of tradable goods in comparison to that of services (non-tradable) under the free trade among iranian provinces over 2007- 2012. this comparison has been achieved by applying the pair-wise approach which has been recently developed by pesaran (2005). in this approach, the time series models (adf, df-gls and kpss unit r...

This paper adopts a New Keynesian approach to analyze the relationship between nominal interest rates and prices. In this new framework, both a positive relation between interest rates and price levels (i.e., a positive Gibson effect) and a negative relation between interest rates and subsequent price changes (i.e., a negative Fama-Fisher effect) arise when money is supplied inelastically and p...

We show that deviations from the law of one price in tradable goods are an important source of violations of absolute PPP across countries. Using highly disaggregated export data, we document systematic international price discrimination: at the U.S. dock, U.S. exporters ship the same good to low-income countries at lower prices. This pricing-to-market is about twice as important as any local n...

4 Non-technical summary 5 7 2 10 2.1 Sectors and aggregation 10 2.2 Relative prices 11 2.3 Real exchange rate and sectoral productivity shocks 12 2.4 Nominal rigidity and aggregate supply 14 3 Autonomous monetary policy 15 4 The currency union 17 4.1 Determination of union-wide output and prices 18 4.2 Currency union’s welfare 19 4.3 Reference member state’s welfare 20 5 Relative performance an...

explaining dividend policy has been one of the most difficult challenges facing financial economists. despite decades of study, we have yet to completely understand the factors that influence dividend policy and the manner in which these factors interact.the aim of this paper is to examine the relation between dividend policy and share price volatility in tehran stock exchange (tse). the analys...

Using a structural VAR with block exogeneity, diagonality and identifying restrictions, this paper analyzes: first, the macroeconomic linkages among the oil price, U.S. output, interest rate, money supply, general price level and exchange rate and second, the relationships of the macroeconomic variables with the price indices of ten international nonfuel commodity groups. By assuming the block ...