Viktor Tsyrennikov

A case for incomplete markets

We propose a new welfare criterion that allows us to rank alternative financial market structures in the presence of belief heterogeneity. We analyze economies with complete and incomplete financial markets and/or restricted trading possibilities in the form of borrowing limits or transaction costs. We describe circumstances under which various restrictions on financial markets are desirable according to our welfare criterion.

Exchange Rates and Trade : A Disconnect?

We examine the stability and strength of the relationship between exchange rates and trade over time using three alternative approaches, mitigating the endogeneity of the relation. We find that both exchange rate pass-through and the price elasticity of trade volumes are largely stable over time. Economic slack and financial conditions affect the relationship, but there is limited evidence that participation in global value chains has significantly changed the exchange rate–trade relationship over time.

Asset Princes and Wealth Dynamics with Heterogeneous Beliefs - Varlýk Fiyatlarý ve Heterojen Düþünceler ile Servet Dinamikleri

Biz, bu makalede hibeler, oncellerin (priors) ve bilgi akýþlarýnýn ozdeþ kalýplarýyla ancak tam piyasalar ve tuketicilerin sadece tekil risksiz tahvillerle iþlem yapabildikleri iki farklý piyasa yapýlarý ile risk piyasa fiyatlarýný karþýlaþtýracaðýz. Makalede spekulasyon fýrsatlarýnýn, olaðandýþý onceki olaylarýn ve oðrenmenin risk piyasa fiyatlarýný nasýl etkilediði incelenmektedir. Ýki tip tuketici, rastgele bir dýþ kaynaklý hibe konusunda devinim yasalarý ile ilgili ceþitli inanclara sahiptirler. Birinci tip tuketici devinim yasalarýný biliyorken, diðer tip tuketici Bayes’in teoremi uzerinden bu yasayý oðrenmektedir. Az bilgili tuketici, baþlangýcta yýkýcý durumun olasýlýðýný abartmasýndan dolayý kotumserdir. Tuketicileri harekete geciren oðrenme dinamikleri ve servet dinamikleri, piyasa yapýlarý arasýndaki risk piyasa fiyatlarýndaki evrimin farklýlýklarýna katký saðlamaktadý.