this study has investigated the long-run and short-run effects of relative productivity on real exchange rate using annual time series data of iran and its major trade partners over the period 1980-2005. to analyze such effect which refers to the balassa-samuelson effect, this research uses auto-regressive distributed lags (ardl) method, to deal with dynamics of the relationship between product...

return and volatility spillovers are important for portfolio selection, asset valuation and market efficiency investigation. using a var-bekk framework model, this paper investigates return and volatility spillover effects between three size-sorted equity indices in tehran stock exchange (tse). although daily return of large stocks leads small stocks (lead-lag effect), there wasn’t any spillove...

Theoretically and experimentally, we generalize the analysis of acquiring a company (Samuelson and Bazerman 1985) by allowing for competition of both buyers and sellers. Näıvety of both is related to the idea that higher prices exclude lower qualities. While competition of näıve buyers increases prices, competition of näıve sellers promotes efficiency enhancing trade. Our predictions are tested...

E 25 26 27 28 29 30 31 32 33 34 Article history: Received 15 November 2012 Received in revised form 25 January 2013 Accepted 29 January 2013 Available online xxxx JEL classification: C15 C32 G13 G15

7 Article history: 8 Received 15 November 2012 9 Received in revised form 25 January 2013 10 Accepted 29 January 2013 11 Available online xxxx 1234 15 JEL classification: 16 C15 17 C32 18 G13 19 G15 20

in this paper we examine the effect of the oil volatility, consumer price index (cpi) and industrial production on the stock market return in tehran stock exchange (tse). we used seasonal data in period 1378-1390 and auto regressive distributed method (ardl) for the short-term and long-term relationship between the variables. as results of research indicate, we find that there is positive short...

This paper assesses the day of the week effect of the daily depreciation of the Turkish lira (TL) against the US dollar (USD) and its volatility. The empirical evidence from Turkey presented here suggests that Thursdays are associated with higher and Mondays with lower depreciation rates compared to those of Wednesdays. Moreover, Mondays and Tuesdays are associated with higher volatility than W...

The Balassa-Samuelson effect is usually seen as the prime explanation of the continuous real appreciation of central and east European (CEE) transition countries' currencies against their western counterparts. The response of a small country's real exchange rate to various shocks is derived in a simple model. It is shown that productivity shocks work not only through a Balassa-type supply chann...

in this study, we assess the impact of oil price changes on the macroeconomic variables of some oil importers in oecd countries, including usa, italian, france and japan during the period 1960-2002. the results for different countries imply asymmetric impact of oil price changes on gdp growth rates; moreover, the results show that monetary shocks are an important and noticeable factor explainin...

Generic extensive form games of perfect information have a unique subgame perfect equilibrium. Nöldeke and Samuelson (1993) show that in a stochastic evolutionary model also non-subgame perfect equilibriumstrategies may well survive in the long run. In a different model of evolution in the agent normal form of generic extensive form games of perfect information Hart (2002) shows that under suit...