【ppt精品課件】貨幣金融學(xué)7版英文課件--7-大學(xué)課件20(編輯修改稿)
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【文章內(nèi)容簡(jiǎn)介】 forecast Implications: 1. Change in way variable moves, way expectations are formed changes 2. Forecast errors on average = 0 and are not predictable 5 169。 2023 Pearson Education Canada Inc. Efficient Markets Hypothesis Pt+1 – Pt + C RET = Pt Pet+1 – Pt + C RETe = Pt Rational Expectations implies: Pet+1 = Poft+1 ? RETe = RETof (1) Market equilibrium RETe = RET* (2) Put (1) and (2) together: Efficient Markets Hypothesis RETof = RET* Why the Efficient Markets Hypothesis makes sense If RETof RET* ? Pt ?, RETof ? If RETof RET* ? Pt ?, RETof ? until RETof = RET* 1. All unexploited profit opportunities eliminated 2. Efficient Market holds even if are uninformed, irrational participants in market 6 169。 2023 Pearson Edu
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