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010   $a1-281-11651-3
010   $a9786613776440
010   $a1-4518-9056-7
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035   $a(EBL)3012490
035   $a(SSID)ssj0000948596
035   $a(PQKBManifestationID)11531048
035   $a(PQKBTitleCode)TC0000948596
035   $a(PQKBWorkID)10949354
035   $a(PQKB)10275976
035   $a(OCoLC)535146870
035   $a(MiAaPQ)EBC3012490
035   $a(IMF)WPIEE0062004
035   $a(EXLCZ)993360000000441014
100   $a20090806d2004      uy         0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 12$aA puzzle of microstructure market maker models /$fprepared by Rafael Romeu
205   $a1st ed.
210   $a[Washington, D.C.] $cInternational Monetary Fund$d2004
215   $a1 online resource (24 p.)
225 1 $aIMF working paper ;$vWP/04/6
300   $a"January 2004."
311   $a1-4518-4232-5 
320   $aIncludes bibliographical references (p. 21-23).
327   $a""Contents""; ""I. Introduction""; ""II. Reconsidering the Lyons (1995) Result""; ""III. A Puzzle of Microstructure Market Maker Models""; ""IV. Conclusion""; ""References""
330 3 $aThis study addresses the empirical viability of microstructure models of dealer price setting. New evidence is presented rejecting these models' specifications of how information asymmetry and inventory accumulation affect dealer pricing. This rejection is consistent with those of other dealer-level empirical studies. This study suggests a new modeling option may be to reconsider optimal price setting while relaxing assumptions that specify incoming orders as the only component through which dealer inventories evolve. This approach is consistent with inventory evolution data and with general equilibrium models' assumptions about currency markets.
410  0$aIMF working paper ;$vWP/04/6.
606   $aForeign exchange rates$xEconometric models
606   $aForeign exchange market$xEconometric models
606   $aInformation theory in finance
615  0$aForeign exchange rates$xEconometric models.
615  0$aForeign exchange market$xEconometric models.
615  0$aInformation theory in finance.
700   $aRomeu$b Rafael$f1975-$01756977
712 02$aInternational Monetary Fund.$bInternational Capital Markets Dept.
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910821264403321
996   $aA puzzle of microstructure market maker models$94194602
997   $aUNINA