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This book describes a laboratory experiment designed to test the causes and properties of bubbles in financial markets and explores the question whether it is possible to design markets which avoid such bubbles and crashes. In the experiment, subjects were given the opportunity to trade in a stock market modeled after the seminal work of Smith et al. (1988). To account for the increasing importance of online betting sites, subjects were also allowed to trade in a digital option market. The outcomes shed new light on how subjects form and update their expectations, placing special emphasis on the bounded rationality of investors. Various analytical bubble measures found in the literature are collected, calculated, classified and presented for the first time. The very interesting new bubble measures "Dispersion Ratio", "Overpriced Transactions" and "Underpriced Transactions" are developed, making the book an important step towards the research goal of preventing bubbles and crashes in financial markets. In addition, the book formulates concrete new research hypotheses for future studies.

Capital market -- Mathematical models. --- Capital market. --- International finance -- Mathematical models. --- International finance. --- Finance - General --- Finance --- Business & Economics --- Assets (Accounting) --- Economics --- Methodology. --- Economics, Mathematical. --- Economic theory. --- Microeconomics. --- Macroeconomics. --- Economics. --- Macroeconomics/Monetary Economics//Financial Economics. --- Quantitative Finance. --- Economic Theory/Quantitative Economics/Mathematical Methods. --- Asset requirements --- Finance. --- Economic theory --- Political economy --- Social sciences --- Economic man --- Funding --- Funds --- Currency question --- Price theory --- Economics, Mathematical . --- Mathematical economics --- Econometrics --- Mathematics --- Methodology --- Econometrics. --- Macroeconomics and Monetary Economics. --- Mathematics in Business, Economics and Finance. --- Quantitative Economics. --- Mathematics. --- Economics, Mathematical --- Statistics

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Inflation became the dominant economic, social, and political problem of the industrialized West during the 1970's. This book is about how the inflation came to pass and what can be done about it. Certain to provoke controversy, it is a major source of new empirical information and theoretical conclusions concerning the causes of international inflation. The authors construct a consistent data base of information for eight countries and design a theoretically sound model to test and evaluate competing hypotheses incorporating the most recent theoretical developments. Additional chapters address an impressive variety of issues that complement and corroborate the core of the study. They answer such questions as these: Can countries conduct an independent monetary policy under fixed exchange rates? How closely tied are product prices across countries? How are disturbances transmitted across countries? The International Transmission of Inflation is an important contribution to international monetary economics in furnishing an invaluable empirical foundation for future investigation and discussion.

Money. Monetary policy --- International finance --- Inflation (Finance) --- Mathematical models. --- 336.748.12 --- -International finance --- -AA / International- internationaal --- 382.242.0 --- 333.110 --- 333.841 --- 333.432.8 --- International monetary system --- International money --- Finance --- International economic relations --- Natural rate of unemployment --- Algemeen prijsniveau. Prijsindex. Prijsstijging --- Mathematical models --- Balans van het kapitaalverkeer: algemeenheden. --- Centrale banken en parastatale kredietinstellingen: algemeen. Overheidsbemoeiïng inzake organisatie en verdeling van het krediet. --- Inflatie. --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten. --- 336.748.12 Algemeen prijsniveau. Prijsindex. Prijsstijging --- AA / International- internationaal --- Centrale banken en parastatale kredietinstellingen: algemeen. Overheidsbemoeiïng inzake organisatie en verdeling van het krediet --- Internationale monetaire organisatie. Internationaal Muntfonds. Algemene leningovereenkomsten --- Inflatie --- Balans van het kapitaalverkeer: algemeenheden --- Western world --- Inflation --- E-books --- International finance. --- Inflation (Finance) - Mathematical models. --- International finance - Mathematical models. --- inflation, economics, industrialization, monetary policy, exchange rates, price, trade, international, finance, purchasing power, bretton woods system, capital flows, control, real income, oil, mathematical models, aggregate demand variables, sterilization, simulation experiments, nonfiction, foreign markets, history, economy.

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This paperback edition consists of the first three parts of Allen and Kenen's major book, Asset Markets, Exchange Rates, and Economic Integration. These three parts stand alone, as the authors intended and as reviewers have commented. In parts four and five of that volume they extend their model to two countries trading with the outside world and analyze questions of economic integration. The authors synthesize and extend recent developments in international monetary theory using a general model of an open economy that trades goods and assets with the outside world. The model embodies the asset market or portfolio approach to analyzing balance-of-payments adjustment. Exchange rates are determined in the short run by conditions in the asset markets and in the long run by conditions in the goods markets. The goods markets include an export good, and import good, and a nontradeable good. Allen and Kenen show that different assumptions about the substitutability between goods or between assets can generate several popular models as special cases of their own.

International finance --- Foreign exchange rates --- International economic integration --- Mathematical models. --- 330.105 --- 336.7 --- -International economic integration --- -International finance --- -AA / International- internationaal --- 333.110 --- 333.825 --- 333.80 --- 334.3 --- 333.820 --- International monetary system --- International money --- Finance --- International economic relations --- Common markets --- Economic integration, International --- Economic union --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Wiskundige economie. Wiskundige methoden in de economie --- Geldwezen. Kredietwezen. Bankwezen. Financien. Monetaire econonomie. Beurswezen --- Mathematical models --- Centrale banken en parastatale kredietinstellingen: algemeen. Overheidsbemoeiïng inzake organisatie en verdeling van het krediet. --- Deviezenpolitiek. Interventies. --- Geld-, bank- en kredietpolitiek. Kapitaalmarkt en -rente: algemeenheden. --- Geld-, krediet- en Bankwezen. --- Geldbeleid, bankbeleid en kredietbeleid: algemeenheden. --- Rates --- 336.7 Geldwezen. Kredietwezen. Bankwezen. Financien. Monetaire econonomie. Beurswezen --- 330.105 Wiskundige economie. Wiskundige methoden in de economie --- Integration, International economic --- Markets, Common --- Union, Economic --- AA / International- internationaal --- Centrale banken en parastatale kredietinstellingen: algemeen. Overheidsbemoeiïng inzake organisatie en verdeling van het krediet --- Geld-, bank- en kredietpolitiek. Kapitaalmarkt en -rente: algemeenheden --- Geldbeleid, bankbeleid en kredietbeleid: algemeenheden --- Deviezenpolitiek. Interventies --- Geld-, krediet- en Bankwezen --- Business, Economy and Management --- Economics --- International finance - Mathematical models. --- Foreign exchange rates - Mathematical models. --- International economic integration - Mathematical models.