The valuation of stock options and currency options has witnessed an explosion of new development in the past twenty years. These models, set up either in a partial equilibrium or a general equilibrium framework, have certainly enriched our understanding of option valuation in one way or the other. However, the main drawback of these models is that stock options and currency options are analyze...

Monetary policy as a tool for expectations management is believed to be most effective if it can coordinate the beliefs and expectations of the economic agents. The optimal communication policy is in an environment where central bank announcements are common knowledge and abundant information is complete transparency. The above conclusion is altered in the more realistic situation where economi...

We study the relation between macroeconomic fundamentals and asset pricing through the lens of a state of the art dynamic stochastic general equilibrium (DSGE) model considered in Christiano, Trabandt and Walentin (2011). We provide a full-information Bayesian estimation of the model using macro variables and extract three fundamental shocks to the economy through the model: neutral technology ...

This dissertation studies the impact of learning about unobserved payoff-relevant variables on economic decisions. In chapter 1, I study a labor market in which employers learn about a worker’s unobserved skills by observing output. Skills evolve as a mean-reverting process with a trend that is potentially endogenous due to human capital accumulation. Output is additively separable in the worke...

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inflation forecasting has been one of the requirements for the implementation of monetary policy in countries which their monetary authorities are pursuing inflation targeting regime. however, owing to central bank independence in one hand and as well as the lagged effects of monetary policies on inflation in the other, the monetary authorities should have the sound perspective about the future...

We focus on a class of utterances that can be analysed as ’explicit game bids’ in Dialogue Macrogame Theory (DMT). We propose an update-semantics analysis that uses discourse obligations to model the observable behaviour of dialogue participants and that is able to generate the intentional structure of interactions assumed in DMT. We also claim that our analysis provides the base for reformulat...

providing of food products for increasing population, enhancing food security, increasing of production and foreign incomes are among the major program purposes of each country and monetary policies are one of the methods that immediately affected on food price and on major agriculture variables. time series analysis was used for studying the impacts of monetary policies effect on food price in...