unobserved vehicle and consumer characteristics by using within model-year changes in the price of gasoline and vehicle sales. We …This paper uses a unique data set of monthly new vehicle sales by detailed model from 1978- 2007, and implements a new … identification strategy to estimate the effect of the price of gasoline on consumer demand for fuel economy. We control for …

restricted by federal and state laws from expanding across state lines. We examine whether bank merger prices were higher or … well as those that may provide some diversification benefits, are offered higher prices.> We find that changes in the … regulatory environment had a significant impact on bank merger activities in general, and bank merger prices in particular. For …

last price change. This reflects differences over time in the flexibility of prices charged by a single store for a given … substantially differs from the average of other stores. However, extreme prices typically reflect the selling store's recent nominal … adjustments rather than changes in other stores' prices. …

Implied probability density functions (PDFs) estimated from cross-sections of observed options prices are gaining … prices by no more than a half tick provide a lower bound on the confidence intervals of the summary statistics derived from …

Cross-sections of option prices embed the risk-neutral probability densities functions (PDFs) for the future values of … the underlying asset. Theory suggests that risk-neutral PDFs differ from market expectations due to risk premia. Using a … implied in option prices. Using FTSE 100 and S&P 500 options, and both power and exponential utility functions, we show that …

prices as an information variable for monetary policy implementation. A set of option prices provides us with information on … development of market expectations. The paper estimates a time series of implied probability distributions from daily option … prices on stock prices and long term government bond futures. The estimation is done for a sample of daily closing prices for …

instantaneously and fully on one market only, that for foreign exchange. Prices on other markets (such as commodities) as well as …Suppose the nominal money supply could be cut literally overnight by, say, 20%. What would happen to prices, wages …, output? The answer can be found in 1720s France, where just such an experiment was carried out, repeatedly. Prices adjusted …

The 1987 market crash was associated with a dramatic and permanent steepening of the implied volatility curve for … the updating of agents' beliefs about the likelihood of future jumps, which produces a market crash and a permanent shift … in option prices. Consumption and dividends remain smooth, and the model is consistent with salient features of …