Macroeconomic information and financial trading:
Gespeichert in:
1. Verfasser: | |
---|---|
Format: | Buch |
Sprache: | English |
Veröffentlicht: |
Oxford u.a.
Blackwell
1994
|
Ausgabe: | 1. publ. |
Schriftenreihe: | Advances in theoretical and applied economics
|
Schlagworte: | |
Online-Zugang: | Inhaltsverzeichnis |
Beschreibung: | XVIII, 286 S. graph. Darst. |
ISBN: | 1557863253 |
Internformat
MARC
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100 | 1 | |a Webb, Robert I. |e Verfasser |4 aut | |
245 | 1 | 0 | |a Macroeconomic information and financial trading |c Robert I. Webb |
250 | |a 1. publ. | ||
264 | 1 | |a Oxford u.a. |b Blackwell |c 1994 | |
300 | |a XVIII, 286 S. |b graph. Darst. | ||
336 | |b txt |2 rdacontent | ||
337 | |b n |2 rdamedia | ||
338 | |b nc |2 rdacarrier | ||
490 | 0 | |a Advances in theoretical and applied economics | |
650 | 4 | |a Bolsa de valores - EE.UU | |
650 | 7 | |a Bourse - États-Unis |2 ram | |
650 | 7 | |a Effecten |2 gtt | |
650 | 4 | |a Especulación - EE.UU | |
650 | 7 | |a Monetaire theorie |2 gtt | |
650 | 4 | |a Precios - EE.UU | |
650 | 7 | |a Prijzen (economie) |2 gtt | |
650 | 7 | |a Speculatie |2 gtt | |
650 | 7 | |a Spéculation - États-Unis |2 ram | |
650 | 7 | |a Valeurs mobilières - États-Unis |2 ram | |
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Datensatz im Suchindex
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adam_text | Contents
Figures x
Tables xii
Series Editor s Preface xiii
Preface xv
1 Introduction 1
1 Sources of Macroeconomic Information 5
2 The Market s Reaction to Economic Reports 7
3 Trading versus Investing 14
4 Conclusion 19
Appendix 1.1: Derivative Securities and Markets 20
2 Information and the Behavior of
Speculative Prices 29
1 Introduction 29
2 The Behavior of Speculative Prices 31
3 Informational^ Efficient Capital Markets 32
4 Equilibrium Models of Asset Pricing 35
5 The Empirical Evidence on Market Efficiency 38
6 Information, Volume, and the Volatility
of Changes in Speculative Prices 40
7 Market Anomalies 42
8 Information Theoretic Models 44
9 The Market for Information 48
10 Information and Market Regulation 48
v
vi Contents
11 Information and Fast Futures Markets 52
12 Conclusions 54
3 Noise and the Behavior of Speculative Prices 66
1 Introduction 66
2 Review of the Literature 67
2.1 Excessive Volatility in Speculative Prices 68
2.2 Varying Risk Premia 69
2.3 Fads versus Fundamentals 70
2.4 Mean Reversion in Speculative Prices 71
2.5 More Market Anomalies 72
2.6 Tests of Market Efficiency and Linearity 75
2.7 Rationality of Expectations Data 76
2.8 Speculative Prices and the Aggregation
of Information 77
2.9 The Influence of Psychological Factors on
Economic Decisions 78
2.10 Is Rational Speculation Destabilizing? 79
2.11 Rational Speculative Bubbles 80
2.12 Empirical Evidence on the Existence of
Speculative Bubbles 81
2.13 Were the Classic Speculative Bubbles
Really Bubbles? 83
2.14 Incomplete Markets 84
2.15 False Prices in Walrasian Auctions 84
2.16 Noise 86
3 Auctions and the Behavior of Speculative Prices 89
4 Summary 90
4 A Review of Monetary Theories 101
1 Introduction 101
2 Active and Passive Monetary Policy 102
3 Neo Keynesian Monetary Theory 104
4 Keynesian New View 105
Contents vii
5 Neoclassical Monetary Theory 106
6 Neoclassical Monetary Theory with Rational
Expectations 108
7 The Black Dynamic Equilibrium Model 109
8 Unutilized Trade Credit Theory 110
9 Monetary Approach to the Balance of Payments 111
10 Fama Tobin Approach 112
11 Irrelevancy of Open Market Operations 113
12 Efficient Capital Markets Theory 114
13 The Fisher Hypothesis 116
14 Summary of Testable Implications 117
Appendix 4.1: Rational Expectations and
Price Flexibility 121
5 A Review of the Evidence on Monetary
Theories 135
1 Introduction 135
2 Review of the Empirical Literature 137
3 Money Supply Announcements and Changes in
Interest Rates 137
4 Money Supply Announcements and Changes in Other
Speculative Prices 143
5 Changes in the Money Supply and Interest Rates 144
6 The Behavior of Real Interest Rates 147
7 The Early Literature on Money Supply and
Interest Rates 149
8 The Empirical Relationship Between Money and
Stock Returns 153
9 Short Run Control of the Nominal Money Stock 155
10 Conclusions 158
Appendix 5.1: The Effect of Omitted Variables on
the Lag Structure 160
viii Contents
6 Federal Reserve Monetary Policy 170
1 Introduction 170
2 The Federal Reserve System 171
3 Political Dimensions of Fed Policy 173
4 Fed Monetary Policy 174
5 Monetary Policy Instruments 175
6 Changes in Reserve Requirements 176
7 Changes in the Discount Rate 176
8 Market Reaction to Discount Rate Changes 177
9 Fed Open Market Operations 180
10 Fed Time 183
11 Expected Federal Reserve Open Market Operations 192
12 Bill and Coupon Passes 192
13 Operating Strategy 194
14 Other Sources of Fed Policy Impact 196
15 Fed Currency Transactions 197
16 Monetary Policy Actions of Foreign Central Banks 198
17 Conclusions 199
7 The Reaction of Speculative Prices to
Macroeconomic Information 206
1 Introduction 206
2 Government Economic Reports 208
3 Consensus Expectations 209
4 US Treasury Bond Futures Price Data 212
5 Employment and Earnings Report 213
6 Merchandise Trade Balance 227
7 Producer Price Index and Consumer Price Index 236
8 Gross Domestic Product Report 242
9 Retail Sales 245
10 Durable Goods 245
Contents ix
11 Other Sources of Macroeconomic Information 248
11.1 Fiscal Policy: Government Spending 248
11.2 Budget Deficits 250
11.3 Debt Management Policy 252
11.4 Exchange Rate Policies 253
12 Anecdotal Evidence on the Market s Reaction to
Other Sources of Macroeconomic Information 254
Appendix 7.1 256
8 Conclusions 266
Index 275
|
any_adam_object | 1 |
author | Webb, Robert I. |
author_facet | Webb, Robert I. |
author_role | aut |
author_sort | Webb, Robert I. |
author_variant | r i w ri riw |
building | Verbundindex |
bvnumber | BV009816288 |
callnumber-first | H - Social Science |
callnumber-label | HG4915 |
callnumber-raw | HG4915 |
callnumber-search | HG4915 |
callnumber-sort | HG 44915 |
callnumber-subject | HG - Finance |
classification_rvk | QK 600 QK 620 QK 650 |
ctrlnum | (OCoLC)28890763 (DE-599)BVBBV009816288 |
dewey-full | 339.4/3 |
dewey-hundreds | 300 - Social sciences |
dewey-ones | 339 - Macroeconomics and related topics |
dewey-raw | 339.4/3 |
dewey-search | 339.4/3 |
dewey-sort | 3339.4 13 |
dewey-tens | 330 - Economics |
discipline | Wirtschaftswissenschaften |
edition | 1. publ. |
format | Book |
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illustrated | Illustrated |
indexdate | 2024-07-09T17:41:23Z |
institution | BVB |
isbn | 1557863253 |
language | English |
oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-006498024 |
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owner_facet | DE-12 DE-473 DE-BY-UBG DE-20 DE-703 DE-11 DE-188 |
physical | XVIII, 286 S. graph. Darst. |
publishDate | 1994 |
publishDateSearch | 1994 |
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publisher | Blackwell |
record_format | marc |
series2 | Advances in theoretical and applied economics |
spelling | Webb, Robert I. Verfasser aut Macroeconomic information and financial trading Robert I. Webb 1. publ. Oxford u.a. Blackwell 1994 XVIII, 286 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Advances in theoretical and applied economics Bolsa de valores - EE.UU Bourse - États-Unis ram Effecten gtt Especulación - EE.UU Monetaire theorie gtt Precios - EE.UU Prijzen (economie) gtt Speculatie gtt Spéculation - États-Unis ram Valeurs mobilières - États-Unis ram Securities Prices United States Speculation United States Stock exchanges United States Effekten (DE-588)4129448-8 gnd rswk-swf Börsenspekulation (DE-588)4131941-2 gnd rswk-swf Kapitalmarkt (DE-588)4029578-3 gnd rswk-swf Information (DE-588)4026899-8 gnd rswk-swf Aktienkurs (DE-588)4141736-7 gnd rswk-swf USA USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Aktienkurs (DE-588)4141736-7 s DE-604 Börsenspekulation (DE-588)4131941-2 s Kapitalmarkt (DE-588)4029578-3 s Information (DE-588)4026899-8 s Effekten (DE-588)4129448-8 s HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006498024&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
spellingShingle | Webb, Robert I. Macroeconomic information and financial trading Bolsa de valores - EE.UU Bourse - États-Unis ram Effecten gtt Especulación - EE.UU Monetaire theorie gtt Precios - EE.UU Prijzen (economie) gtt Speculatie gtt Spéculation - États-Unis ram Valeurs mobilières - États-Unis ram Securities Prices United States Speculation United States Stock exchanges United States Effekten (DE-588)4129448-8 gnd Börsenspekulation (DE-588)4131941-2 gnd Kapitalmarkt (DE-588)4029578-3 gnd Information (DE-588)4026899-8 gnd Aktienkurs (DE-588)4141736-7 gnd |
subject_GND | (DE-588)4129448-8 (DE-588)4131941-2 (DE-588)4029578-3 (DE-588)4026899-8 (DE-588)4141736-7 (DE-588)4078704-7 |
title | Macroeconomic information and financial trading |
title_auth | Macroeconomic information and financial trading |
title_exact_search | Macroeconomic information and financial trading |
title_full | Macroeconomic information and financial trading Robert I. Webb |
title_fullStr | Macroeconomic information and financial trading Robert I. Webb |
title_full_unstemmed | Macroeconomic information and financial trading Robert I. Webb |
title_short | Macroeconomic information and financial trading |
title_sort | macroeconomic information and financial trading |
topic | Bolsa de valores - EE.UU Bourse - États-Unis ram Effecten gtt Especulación - EE.UU Monetaire theorie gtt Precios - EE.UU Prijzen (economie) gtt Speculatie gtt Spéculation - États-Unis ram Valeurs mobilières - États-Unis ram Securities Prices United States Speculation United States Stock exchanges United States Effekten (DE-588)4129448-8 gnd Börsenspekulation (DE-588)4131941-2 gnd Kapitalmarkt (DE-588)4029578-3 gnd Information (DE-588)4026899-8 gnd Aktienkurs (DE-588)4141736-7 gnd |
topic_facet | Bolsa de valores - EE.UU Bourse - États-Unis Effecten Especulación - EE.UU Monetaire theorie Precios - EE.UU Prijzen (economie) Speculatie Spéculation - États-Unis Valeurs mobilières - États-Unis Securities Prices United States Speculation United States Stock exchanges United States Effekten Börsenspekulation Kapitalmarkt Information Aktienkurs USA |
url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006498024&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
work_keys_str_mv | AT webbroberti macroeconomicinformationandfinancialtrading |