## The American Economic Review, Volume 70American Economic Association., 1980 Includes annual List of doctoral dissertations in political economy in progress in American universities and colleges; and the Hand book of the American Economic Association. |

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**Spot Price**and Stock of Net Short - Term Claims on Foreigners The dynamics of the**spot price**of foreign exchange , in a free exchange market with rational expectations , are described by equa- tions ( 5 ) and ( 13 ) and are graphed in ...Página 576

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**spot price**rises from p2 ( 0 ) to p2 ( 0 ) , the variance of the**spot price**increases and the expectation of the**spot price**converges at a faster rate to flow equilibrium y . The speed of conver- gence is ( yc ) / 2 , the product of ...Página 577

EDp ( t ) is not a fair game . The

EDp ( t ) is not a fair game . The

**spot price**p ( t ) is not a martingale . The reason why the**spot price**is not a martingale is that Ep * -p ( t ) , the expected change in price , is equal to a risk premium y times the total adjusted ...### Outras edições - Ver tudo

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adjustment Amer AMERICAN ECONOMIC REVIEW analysis assets assumed assumption average behavior coefficient compensating variation consumer consumer's surplus consumption cost curve demand function downside risk Econ effect efficient elasticity equal equation equilibrium equity estimated exchange rate expected farms Figure firm foreign exchange foreign exchange market human capital implies income increase indifference curves industry inflation interest rate investment investors labor force LDCs marginal maximize measure ment mention THE AMERICAN monetary money illusion Nash equilibrium nomic optimal output P₁ paper Pareto optimal percent period Ph.D Phillips curve portfolio problem production profits rate of inflation ratio rational expectations regression regulation relative REVIEW When Writing risk aversion sector spells spot price subsidy Table tariff theory tion tive trade uncertainty unem unemployment University utility function variable wage Writing to Advertisers yields zero