When the sun is low and the air is still, the implicit price of energy in my Belize home is sky high.
They devote considerable effort, and not a little ingenuity, to discovering the implicit price of many things that are not traded directly in arm's-length markets.
Europeans, he says, put a higher implicit price on their leisure.
The implicit price deflator of the non-financial business sector (services as well as manufacturing) fell by 0.6% in the year to the second quarter the first fall since the second world war (see chart).
The implicit GDP price deflator was up at a 1.4 percent rate in the third quarter, 0.1 percent less than in the advance estimate and above the 0.7 percent increase in the second quarter.
FORBES: The Revised Third Quarter GDP--Better, But Not By Much
When stripped to their essentials what we are talking about is beating the cash-flow expectations implicit in the share price.
Most of this burden was carried as an implicit subsidy to domestic energy consumers, with the price of diesel fuel, for example, set at the equivalent of two American cents a litre, and petrol selling for less than bottled water.
The liquidity and trading in those older issues is so tiny that it doesn't give much guidance as to the potential cost for the government of borrowing substantial sums at what are known as ultra long maturities - but for what it's worth the 1932 war loan pays an implicit interest rate of 3.9% at its current price.
Regulation, after all, is the price that society demands, and banks pay, in return for the implicit promise of a government bail-out if the worst happens.
Just as the price of a share should equal the discounted present value of future profits, so the price of a house should reflect the future benefits of ownership either rental income or the implicit rent saved by an owner-occupier.
ECONOMIST: The higher they climb, the further they will fall
应用推荐