bursting bubbles

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Rational Bubbles

Author : Matthias Salge
ISBN : 9783642591815
Genre : Business & Economics
File Size : 26. 11 MB
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3 On the Economic Relevance of Rational Bubbles 79 3. 1 Capital markets . . . . . . . . . 80 3. 1. 1 Efficient capital markets 86 3. 1. 2 Rational bubbles on capital markets. 93 3. 1. 3 Economic caveats . 103 3. 2 Foreign exchange markets 109 3. 3 Hyperinflation. . . . . . . 117 4 On Testing for Rational Bubbles 123 4. 1 Indirect tests . . . . . . . . . 123 4. 1. 1 Variance bounds tests 124 4. 1. 2 Specification tests . . . 137 4. 1. 3 Integration and cointegration tests 140 4. 1. 4 Final assessment of indirect tests . 150 4. 1. 5 A digression: Charemza, Deadman (1995) analysis. 151 4. 2 Direct tests . . . . . . . . . . . . . . . . . . . . . . . . 157 4. 2. 1 Deterministic bubble in German hyperinflation. 158 4. 2. 2 Intrinsic bubbles on stock markets. 163 4. 2. 3 An econometric caveat . . . . . 168 4. 2. 4 Final assessment of direct tests 172 5 On the Explanatory Power of Rational Bubbles on the G- man Stock Market 175 5. 1 Data . . . . . . . 175 5. 2 Direct test for rational bubbles 181 5. 2. 1 Temporary Markovian bubbles. 184 5. 2. 2 Temporary intrinsic bubbles . . 193 ix 5. 2. 3 Permanent intrinsic bubbles 198 5. 3 A digression: Testing for unit roots 204 6 Concluding Remarks 215 A Results 221 A. 1 Temporary markovian bubbles. 221 A. 2 Temporary intrinsic bubbles . . 225 A. 3 Permanent intrinsic bubbles - Class 1 to 2 229 A. 4 Permanent intrinsic bubbles - Class 3 to 6 230 A. 5 Integration tests. . . . . . . . . . . . . . .

Bursting Bubbles

Author : Robert Walters
ISBN : 1846892791
Genre :
File Size : 39. 24 MB
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The rise and rise of a group of artisanal producers in Champagne over the last 20 years has challenged everything we thought we knew about this famous region. In Bursting Bubbles, Robert Walters takes us on a journey to visit these great growers. Along the way, he reveals a secret history of Champagne and dispels many of the myths that still persist about this celebrated wine style. Controversial and ground breaking, Bursting Bubbles will change the way you think about Champagne.

Sea Salt Aerosol Production

Author : Ernie R. Lewis
ISBN : 9780875904177
Genre : Science
File Size : 23. 45 MB
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Published by the American Geophysical Union as part of the Geophysical Monograph Series, Volume 152. Sea salt aerosol (SSA) exerts a major influence over a broad reach of geophysics. It is important to the physics and chemistry of the marine atmosphere and to marine geochemistry and biogeochemistry generally. It affects visibility, remote sensing, atmospheric chemistry, and air quality. Sea salt aerosol particles interact with other atmospheric gaseous and aerosol constituents by acting as sinks for condensable gases and suppressing new particle formation, thus influencing the size distribution of these other aerosols and more broadly influencing the geochemical cycles of substances with which they interact. As the key aerosol constituent over much of Earth's surface at present, and all the more so in pre-industrial times, SSA is central to description of Earth's aerosol burden.

The Euro Trap

Author : Hans-Werner Sinn
ISBN : 9780191024757
Genre : Business & Economics
File Size : 48. 42 MB
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This book offers a critical assessment of the history of the euro, its crisis, and the rescue measures taken by the European Central Bank and the community of states. The euro induced huge capital flows from the northern to the southern countries of the Eurozone that triggered an inflationary credit bubble in the latter, deprived them of their competitiveness, and made them vulnerable to the financial crisis that spilled over from the US in 2007 and 2008. As private capital shied away from the southern countries, the ECB helped out by providing credit from the local money-printing presses. The ECB became heavily exposed to investment risks in the process, and subsequently had to be bailed out by intergovernmental rescue operations that provided replacement credit for the ECB credit, which itself had replaced the dwindling private credit. The interventions stretched the legal structures stipulated by the Maastricht Treaty which, in the absence of a European federal state, had granted the ECB a very limited mandate. These interventions created a path dependency that effectively made parliaments vicarious agents of the ECB's Governing Council. This book describes what the author considers to be a dangerous political process that undermines both the market economy and democracy, without solving southern Europe's competitiveness problem. It argues that the Eurozone has to rethink its rules of conduct by limiting the role of the ECB, exiting the regime of soft budget constraints and writing off public and bank debt to help the crisis countries breathe again. At the same time, the Eurosystem should become more flexible by offering its members the option of exiting and re-entering the euro - something between the dollar and the Bretton Woods system - until it eventually turns into a federation with a strong political power centre and a uniform currency like the dollar.

Physics Of The Marine Atmosphere

Author : Roll
ISBN : 9780080954448
Genre : Science
File Size : 46. 84 MB
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Physics of the marine atmosphere

Precipitation Scavenging And Atmosphere Surface Exchange

Author : Stephen Schwartz
ISBN : 1560322632
Genre : Nature
File Size : 89. 28 MB
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This three-volume set contains selected papers arising from a conference held in 1991 on precipitation and air pollution. The first volume addresses the precipitation scavenging process; the second deals with atmosphere-surface exchange processes; and the third covers air pollution and deposition.

Air Sea Exchange Physics Chemistry And Dynamics

Author : G.L. Geernaert
ISBN : 9789401592918
Genre : Science
File Size : 71. 63 MB
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During the 1980's a wealth of information was reported from field and laboratory experiments in order to validate andlor modify various aspects of the surface layer Monin-Obukhov (M-O) similarity theory for use over the sea, and to introduce and test new concepts related to high resolution flux magnitudes and variabilities. For example, data from various field experiments conducted on the North Sea, Lake Ontario, and the Atlantic experiments, among others, yielded information on the dependence of the flux coefficients on wave state. In all field projects, the usual criteria for satisfying M-O similarity were applied. The assumptions of stationarity and homogeneity was assumed to be relevant over both small and large scales. In addition, the properties of the outer layer were assumed to be "correlated" with properties of the surface layer. These assumptions generally required that data were averaged for spatial footprints representing scales greater than 25 km (or typically 30 minutes or longer for typical windspeeds). While more and more data became available over the years, and the technology applied was more reliable, robust, and durable, the flux coefficients and other turbulent parameters still exhibited significant unexplained scatter. Since the scatter did not show sufficient reduction over the years to meet customer needs, in spite of improved technology and heavy financial investments, one could only conclude that perhaps the use of similarity theory contained too many simplifications when applied to environments which were more complicated than previously thought.

New Perspectives On Asset Price Bubbles

Author : Douglas D. Evanoff
ISBN : 9780199939404
Genre : Business & Economics
File Size : 30. 24 MB
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This volume critically re-examines the profession's understanding of asset bubbles in light of the global financial crisis of 2007-09. It is well known that bubbles have occurred in the past, with the October 1929 crash as the most demonstrative example. However, the remarkably well-behaved performance of the US economy from 1945 to 2006, and, in particular during the Great Moderation period of 1984 to 2006, assured the economics profession and monetary policymakers that asset bubbles could be effectively managed with little or no real economic impact. The recent financial crisis has now triggered a debate about the emergence of a sequence of repeated bubbles in the Nasdaq market, housing market, credit market, and commodity markets. The realities of the crisis have intensified theoretical modeling, empirical methodologies, and debate on policy issues surrounding asset price bubbles and their potentially adverse economic impact if poorly managed. Taking a novel approach, the editors of this book present five classic papers that represent accepted thinking about asset bubbles prior to the financial crisis. They also include original papers challenging orthodox thinking and presenting new insights. A summary essay highlights the lessons learned and experiences gained since the crisis.

Asset Price Bubbles

Author : William Curt Hunter
ISBN : 0262582538
Genre : Business & Economics
File Size : 62. 7 MB
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A study of asset price bubbles and the implications for preventing financial instability.

Droplet Generation By Bursting Air Bubbles In Viscous Liquids

Author : Ti-lin Kuo
ISBN : UCLA:L0059182683
Genre : Science
File Size : 54. 29 MB
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