This paper introduces a real-time, continuous measure of national sentiment that is language-free and thus comparable globally: the positivity of songs that individuals choose to listen to. This is a direct measure of mood that does not pre-specify certain mood-affecting events nor assume the...

In this paper we combine the heterogeneous agent literature with the market microstructure literature in order to introduce time varying measures of price discovery based on underlying profit maximizing behavior. We set up a heterogeneous agent model with arbitrageurs and chartists, and allow...