WORKING PAPER SERIES
NO 862 / FEBRUARY 2008
In 2008 all ECB
publications
feature a motif
taken from the
10 banknote.
STOCK MARKET VOLATILITY AND
LEARNING
1
Klaus Adam
2
,
Albert Marcet
3
and Juan Pablo Nicolini
4
This paper can be downloaded without charge from
http://www.ecb.europa.eu or from the Social Science Research Network
electronic library at http://ssrn.com/abstract_id=1090276.
1 Thanks go to Luca Dedola, Katharina Greulich, Jaume Ventura and Joachim Voth for interesting comments and suggestions. We particularly
thank Philippe Weil for a very interesting discussion. Davide Debortoli has supported us with outstanding research assistance and many
suggestions. Marcet acknowledges support from CIRIT (Generalitat de Catalunya), DGES (Ministry of Education and Science), CREI, the
Barcelona Economics program of XREA and the Wim Duisenberg fellowship from the European Central Bank. The views expressed
herein are solely those of the authors and do not necessarily reect the views of the European Central Bank.
2 European Central Bank and CEPR, Postal address: European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany;
e-mail: klaus.adam@ecb.int
3 Institut dAnlisi Economica CSIC, Universitat Autnoma de Barcelona, 08193 Bellaterra, Spain;
e-mail: albert.marcet@iae.csic.es
4 Universidad Torcuato di Tella, Miones 2177, Capital Federal, (C1428ATG) Argentina;
e-mail: juanpa@utdt.edu