在单期证券市场模型中,证券只在期初交易一次。这种模型最适合于证券的风险与收益间的 关系以及风险的均衡配置中的证券的作用的研究 在单期模型中,所有的不确定性是一次解决的。更现实的是,假设不确定性是逐渐被解决的 随着不确定性的解决,代理人一次又一次地交易证券。本章和后面几章的多期模型允许不确定性 的逐步解决,以及当获得有关证券价格和支付的新信息时允许证券的再交易

Bureau of Labor Statistics, non-farm employment peaked in March, 2001, at 132.5 million. In June, 2004, almost three years into an \economic recovery,\total non-farm employment was 131.1 million. It is also an undisputed fact that many American businesses are choosing to relocate production to places like

Title Game Theories http://walrusmagazine.com/article. pl?sid=04/05/06/1929205 On-line fantasy games have booming economies and citizens who love their political systems. Are these virtual worlds the best place to study the real one?

An Elder Challenges Outsourcing's Orthodoxy By STEVE LOHR t 89, Paul A. Samuelson, the Nobel Prize-winning economist and professor emeritus at the Massachusetts Institute of Technology, still seems to have plenty of intellectual edge and the ability to antagonize and amuse

Nagging doubts about the benefits of globalisation, and a look at the evidence WHEN David Ricardo, a 19th-century economist, criticised England's protectionist corn laws, he based his argument on the notion of \comparative costs\,these days called comparative advantage The idea, in brief, is that all countries can raise their living standards through specialisation and trade. Even if one country

The Man Who Took My Job: A NAFTA Journey By Dan Baum Originally published in Rolling Stone April 27, 200 David Quinn spent what President Clinton calls the longest period of economic growth in our entire history\tumbling down the economic ladder-from having a shot at being the first in his family

Home What's New| Site Map Site Index International Monetary Fund Search About the IMF IMF at Work IMF Finances Country Info News Publications The IMF Strikes Back Espaniol Francais By Kenneth Rogoff Economic Counsellor and Director of the Research Department

Home What's New Site Map Site Index International Monetary Fund Search About the IMFIMF at Work IMF Finances Country Info News Publications An Open Letter By Kenneth Rogoff Economic Counsellor and Director of Research. International Monetary Fund To Joseph Stiglitz

The title of this paper is a play on that of an admirable recent book by the philosopher Daniel Dennett, Darwin's Dangerous Idea: Evolution and the Meanings of Life(1995). Dennett's book is an examination of the reasons why so many intellectuals remain hostile to the idea of evolution through

A sketch of a proof for why fiscal policy does not work under flexible exchange rates (by special request from Messrs. Eubank and Heidlage) The easiest way to show that fiscal policy does not work under flexible exchange rates was the one we covered in class on Monday!