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Monopsony in Motion
What happens if an employer cuts wages by one cent? Much of labor economics is built on the assumption that all the workers will quit immediately. Here, Alan Manning mounts a systematic challenge to the standard model of perfect competition. Monopsony in Motion stands apart by analyzing labor markets from the real-world perspective that employers have significant market (or monopsony) power over their workers. Arguing that this power derives from frictions in the labor market that make it time-consuming and costly for workers to change jobs, Manning re-examines much of labor economics based on this alternative and equally plausible assumption. The book addresses the theoretical implications of monopsony and presents a wealth of empirical evidence. Our understanding of the distribution of wages, unemployment, and human capital can all be improved by recognizing that employers have some monopsony power over their workers. Also considered are policy issues including the minimum wage, equal pay legislation, and caps on working hours. In a monopsonistic labor market, concludes Manning, the \"free\" market can no longer be sustained as an ideal and labor economists need to be more open-minded in their evaluation of labor market policies. Monopsony in Motion will represent for some a new fundamental text in the advanced study of labor economics, and for others, an invaluable alternative perspective that henceforth must be taken into account in any serious consideration of the subject.
eBook
An Engine, Not a Camera
In An Engine, Not a Camera , Donald MacKenzie argues that the emergence of modern economic theories of finance affected financial markets in fundamental ways.These new, Nobel Prize-winning theories, based on elegant mathematical models of markets, were not simply external analyses but intrinsic parts of economic processes.
eBook
Stochastic Volatility
Neil Shephard has brought together a set of classic and central papers that have contributed to our understanding of financial volatility. They cover stocks, bonds and currencies and range from 1973 up to 2001. Shephard, a leading researcher in the field, provides a substantial introduction in which he discusses all major issues involved.
eBook
Essential Mathematics for Market Risk Management
\"Everything you need to know in order to manage risk effectively within your organizationYou cannot afford to ignore the explosion in mathematical finance in your quest to remain competitive. This exciting branch of mathematics has very direct practical implications: when a new model is tested and implemented it can have an immediate impact on the financial environment.With risk management top of the agenda for many organizations, this book is essential reading for getting to grips with the mathematical story behind the subject of financial risk management. It will take you on a journey--from the early ideas of risk quantification up to today's sophisticated models and approaches to business risk management.To help you investigate the most up-to-date, pioneering developments in modern risk management, the book presents statistical theories and shows you how to put statistical tools into action to investigate areas such as the design of mathematical models for financial volatility or calculating the value at risk for an investment portfolio. Respected academic author Simon Hubbert is the youngest director of a financial engineering program in the U.K. He brings his industry experience to his practical approach to risk analysis Captures the essential mathematical tools needed to explore many common risk management problems Website with model simulations and source code enables you to put models of risk management into practice Plunges into the world of high-risk finance and examines the crucial relationship between the risk and the potential reward of holding a portfolio of risky financial assets This book is your one-stop-shop for effective risk management\"--
eBook
Rational Expectations and Efficiency in Futures Markets
Do traders in futures markets make use of all relevant information and is this reflected in prices? This collection of original essays by a team of international economists considers these and other questions central to futures markets
Book
Rational expectations and efficiency in futures markets
Do traders in futures markets make use of all relevant information and is this reflected in prices? This collection of original essays by a team of international economists considers these and other questions central to futures markets.
eBook
Expectations and the Foreign Exchange Market
Originally published in 1984. This book examines two important dimensions of efficiency in the foreign exchange market using econometric techniques. It responds to the macroeconomics trend to re-examining the theories of exchange rate determination following the erratic behaviour of exchange rates in the late 1970s. In particular the text looks at the relation between spot and forward exchange rates and the term structure of the forward premium, both of which require a joint test of market efficiency and the equilibrium model. Approaches used are the regression of spot rates on lagged forward rates and an explicit time series analysis of the spot and forward rates, using data from Canada, the United Kingdom, the Netherlands, Switzerland and Germany.
1. Introduction 2. Foreign Exchange Market Efficiency 3. The Term Structure of the Forward Premium 4. Conclusions. Appendices
eBook
An introduction to high-frequency finance
Liquid markets generate hundreds or thousands of ticks (the minimum change in price a security can have, either up or down) every business day.Data vendors such as Reuters transmit more than 275,000 prices per day for foreign exchange spot rates alone.
eBook
An engine, not a camera : how financial models shape markets
Intro -- Acknowledgements -- 1 Performing Theory? -- 2 Transforming Finance -- 3 Theory and Practice -- 4 Tests, Anomalies, and Monsters -- 5 Pricing Options -- 6 Pits, Bodies, and Theorems -- 7 The Fall -- 8 Arbitrage -- 9 Models and Markets -- Appendix A An Example of Modigliani and Miller's \"Arbitrage Proof\" of the Irrelevance of Capital Structure to Total Market Value -- Appendix B Lévy Distributions -- Appendix C Sprenkle's and Kassouf's Equations for Warrant Prices -- Appendix D The Black-Scholes Equation for a European Option on a Non- Dividend-Bearing Stock -- Appendix E Pricing Options in a Binomial World -- Appendix F Repo, Haircuts, and Reverse Repo -- Appendix G A Typical Swap-Spread Arbitrage Trade -- Appendix H List of Interviewees -- Glossary -- Notes -- Sources of Unpublished Documents -- References -- Series List -- Index.
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