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We measure unit value electricity prices using 2 million annual observations on U.S. manufacturing plants from 1963 to 2000. These prices display tremendous cross-sectional dispersion, 85–95% of whi...
This paper argues that international commercial agreements can enhance the credibility of trade liberalization by mitigating two problems – adverse selection and time-inconsistency – that sometimes ...
Financial development is critical for growth, but its micro-determinants are not well understood. We test leading theories of low demand for financial services in emerging markets, combining novel sur...
Catering through Nominal Share Prices     Stocks  Stock Shares  Investment  Investment Return  Price  Theory  Valuation       font style='font-size:12px;'> 2015/4/22
We propose and test a catering theory of nominal stock prices. The theory predicts that when investors place higher valuation on low-price firms, managers will maintain share prices at lower levels, ...
Production and marketing of milk, eggs and poultry in Canada are regulated under a policy framework that sets farm level prices with a formula and allocates farm level production levels and raw milk d...
This study conducts a comprehensive analysis of time series segmentation on the Japanese stock prices listed on the first section of the Tokyo Stock Exchange during the period from January 4, 2000 to ...
HIGH FOOD PRICES AND INTERNATIONAL FOOD ASSISTANCE     food security  food assistance  ood assistance  price volatility       font style='font-size:12px;'> 2014/4/11
High food prices in 2008 and 2010 generated concern about food security in developing countries. The number of food insecure people was estimated to have jumped significantly and food assistanc...
Considering a production economy with an arbitrary von-Neumann Morgenstern utility, this paper derives a general equilibrium relationship between the market prices of risks and market risk aversion un...
The last three years have been a roller-coaster ride for food prices. After trending down in real terms since the 1970s, cereal and grain prices have experienced among the largest percentage pric...
Estimating correlation from high, low, opening and closing prices     Estimating correlation  high  low  opening  closing prices       font style='font-size:12px;'> 2010/12/17
In earlier studies, the estimation of the volatility of a stock using information on the daily opening, closing, high and low prices has been developed; the additional information in the high and low...
Forecasting Output and Inflation: The Role of Asset Prices     Forecasting Output  Inflation  Asset Prices       font style='font-size:12px;'> 2014/3/18
Because asset prices are forward-looking, they constitute a class of potentially use-ful predictors of inflation and output growth. The premise that interest rates and asset prices contain usefu...
A Model of Commodity Prices After Sir Arthur Lewis     Commodity prices  Sir Arthur Lewis  World income  Cointegration       font style='font-size:12px;'> 2014/3/18
We develop an idea from Arthur Lewis’ paper on unlimited supplies of labor to model the longrun behavior of the prices of primary commodity produced by poor countries. Commodity supply is assumed infi...
Nonparametric Estimation of State-Price Densities Implicit in Financial Asset Prices.

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