The Inefficient Markets Hypothesis: Why Financial Markets Do Not Work Well in the Real World

Roger E.A. Farmer, Carine Nourry, Alain Venditti

NBER Working Paper No. 18647
Issued in December 2012

---- Acknowledgements -----

This study is supported by French National Research Agency Grant (ANR-08-BLAN-0245-01). We have recently presented versions of this paper at the Federal Reserve Bank of San Francisco, the 37th annual Federal Reserve Bank of St. Louis Fall Conference, at an IMF training workshop and at the Macroeconomics training workshop of the Paris School of Economics. We would like to thank Hippolyte d'Albis, Emmanuelle Augeraud-Veron, Antoine d'Autume, Ian Dew-Becker, Jean-Pierre Drugeon, Pamela Labadie, Annette Vissing-Jorgensen and participants at these conferences and workshops for their valuable feedback. We also thank C. Roxanne Farmer for her editorial assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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