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Lange tijd werd het zo voorgesteld dat middeleeuwse kooplieden verdoemd waren omdat zij winst nastreefden. Pas met de Italiaanse Renaissance en het protestantisme zou er bevrijding gekomen zijn en zou men volop winst hebben mogen maken zonder zich schuldig te moeten voelen. In werkelijkheid hadden theologen al tijdens de volle middeleeuwen alles in het werk gesteld om de rol van handelaars positief te herwaarderen en het winststreven uit de sfeer van het turpe lucrum te halen. Voorwaarde was enkel dat er eerlijke prijzen tot stand kwamen die - bij afwezigheid van bedrog en marktmanipulatie - w
Pricing --- Business ethics --- Commerce --- Price policy --- Price policy, Industrial --- Retail pricing --- Marketing --- Business --- Businesspeople --- Commercial ethics --- Corporate ethics --- Corporation ethics --- Professional ethics --- Wealth --- History. --- History --- Moral and ethical aspects --- Economic history --- Histoire économique --- Morale des affaires --- Histoire --- Professional ethics. Deontology --- Prices --- anno 500-1499
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Reconciling the high frequency of price changes at the micro level and their apparent rigidity at the aggregate level has been the subject of considerable debate in macroeconomics recently. In this paper I show that incorporating production chains in a standard New- Keynesian model replicates two stylized facts about the data. First, sectoral prices respond with significantly different speeds to aggregate shocks. Meanwhile, the responses to sectorspecific shocks are similar. Second, the standard price setting models are unable to quantitatively match the amount of monetary non-neutrality observed in the data. I argue, First, that the input-output linkages in production generate different responses to aggregate shocks across sectors. Second, calibrating this model to the US data can create five times more monetary non-neutrality in response to nominal shocks compared to an equivalent homogeneous economy with intermediate inputs. Finally, the model implies that upstream industries respond faster to aggregate shocks compared to downstream industries. I show that this prediction is supported by the data.
Prices --- Cost. --- Government policy. --- Costs (Economics) --- Expenses --- Economics --- Contingent fees --- Government price policy --- Wage-price policy --- Macroeconomics --- Economic Theory --- Price Level --- Inflation --- Deflation --- Macroeconomics: Consumption --- Saving --- Wealth --- Energy: Demand and Supply --- Agriculture: Aggregate Supply and Demand Analysis --- Economic theory & philosophy --- Price adjustments --- Consumption --- Oil prices --- Supply shocks --- Sticky prices --- Supply and demand --- United States
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Practice makes perfect. Therefore the best method of mastering models is working with them. In this book we present a collection of exercises and solutions which can be helpful in the comprehension of Statistics of Financial Markets. The exercises illustrate the theory by discussing practical examples in detail. We provide computational solutions for the problems, which are all calculated using R and Matlab. The corresponding Quantlets - a name we give to these program codes - are provided in this book. They follow the name scheme SFSxyz123 and can be downloaded from the Springer homepage. We have sought to strike a balance between theoretical presentation and practical challenges. The book is divided into three main parts, in which we discuss option pricing, time series analysis and advanced quantitative statistical techniques in finance.
Statistics. --- Statistics for Business/Economics/Mathematical Finance/Insurance. --- Quantitative Finance. --- Finance /Banking. --- Finance. --- Economics --- Banks and banking. --- Statistique --- Finances --- Banques --- Finance --- Pricing --- Time-series analysis --- Mathematical models --- Statistical methods --- AA / International- internationaal --- 303.0 --- 305.91 --- 333.642 --- 333.647 --- Statistische technieken in econometrie. Wiskundige statistiek (algemene werken en handboeken). --- Econometrie van de financiële activa. Portfolio allocation en management. CAPM. Bubbles. --- Termijn. Financial futures. --- Optiemarkt. --- Analysis of time series --- Autocorrelation (Statistics) --- Harmonic analysis --- Mathematical statistics --- Probabilities --- Price policy --- Price policy, Industrial --- Retail pricing --- Marketing --- Statistische technieken in econometrie. Wiskundige statistiek (algemene werken en handboeken) --- Econometrie van de financiële activa. Portfolio allocation en management. CAPM. Bubbles --- Termijn. Financial futures --- Optiemarkt
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