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The Relationship Between Inflation And Relative Prices: Some Monetary-Theoretic Explanations, Veena Mishra
The Relationship Between Inflation And Relative Prices: Some Monetary-Theoretic Explanations, Veena Mishra
Digitized Theses
This thesis comprises three essays that examine, using explicitly monetary general equilibrium models, the effects of inflation on the transacting patterns adopted by optimizing agents and the macroeconomic consequences of inflation-induced changes in these patterns. In particular, these essays study the implications of such inflation-induced changes in individual behavior for the structure of demands and prices that characterize the steady state equilibrium of an economy. In doing so they help provide a better understanding of the co-movements between inflation and relative prices found to characterize the economic data of several countries.;The first essay studies the effects of inflation-induced changes in …
Bid-Ask Spreads: An Examination Of Systematic Behavior Using Intraday Data On Canadian And Us Exchanges, David Carlyle Porter
Bid-Ask Spreads: An Examination Of Systematic Behavior Using Intraday Data On Canadian And Us Exchanges, David Carlyle Porter
Digitized Theses
Recently, many authors have noted anomalies in risk adjusted returns as measured by the Capital Asset Pricing Model (CAPM). The majority of these studies are based implicitly or explicitly on two assumptions: (A) there are no systematic cross-sectional or time-series differences in the probability of a trade occurring at the bid or at the ask, and (B) there are no systematic time-series movements in proportional bid-ask spreads.;In this thesis, I test the validity of these two Assumptions by testing four subsets of Assumption A, using LOGIT regressions and a single subset of Assumption B, using a SUR regression. The Canadian …