Do arbitrageurs amplify economic shocks?
نویسندگان
چکیده
منابع مشابه
Oil Price Shocks and GDP Growth: Do Energy Shares Amplify Causal Effects?
The paper estimates the effect of oil price fluctuations on GDP growth, using linear and nonlinear VAR models with data from 12 countries. It reports strong significance for the existence of non-linear moderator effects caused by a decline in the oil-to-energy share, which weakens the causal effect of oil prices on economic growth. A consideration of the relationship of oil prices and GDP over ...
متن کاملEconomic shocks, wealth and welfare
The immediate effects of the Asian crisis on the well-being of Indonesians are examined using the Indonesia Family Life Survey, an on-going longitudinal household survey. There is tremendous diversity in the effect of the shock: for some households, it was devastating; for others it brought new opportunities. A wide array of mechanisms were adopted in response to the crisis. Households combined...
متن کاملDemand Shocks and Economic Fluctuations
This paper studies conditions under which demand-side shocks can generate realistic business cycles in RBC models. Although highly persistent demand shocks are necessary for generating procyclical investment, variable capacity utilization and habit formation can reduce the required degree of persistence. Keywords: Demand Shocks; Halls Residual; Real Business Cycles; Crowding Out; Investment Dy...
متن کاملLossy Functions Do Not Amplify Well
We consider the problem of amplifying the “lossiness” of functions. We say that an oracle circuit C∗ : {0, 1} → {0, 1}∗ amplifies relative lossiness from `/n to L/m if for every function f : {0, 1} → {0, 1} it holds that 1. If f is injective then so is C . 2. If f has image size of at most 2n−`, then C has image size at most 2m−L. The question is whether such C∗ exists for L/m `/n. This problem...
متن کاملEconomic Shocks and Civil Conflict: A Comment
Miguel, Satyanath, and Sergenti (2004) argue that lower rainfall levels and negative rainfall shocks increase conflict risk in Sub-Saharan Africa. This conclusion rests on their finding of a negative correlation between conflict in t and rainfall growth between t-1 and t-2. I argue that this finding is driven by a positive correlation between conflict in t and rainfall levels in t-2. If lower r...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Financial Economics
سال: 2012
ISSN: 0304-405X
DOI: 10.1016/j.jfineco.2011.10.007