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RBA Glossary definition for EMH

EMH – Efficient markets hypothesis. The view that security or stock prices reflect all available information and it is impossible for an investor to consistently 'beat the market'.

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2 May 2023
A glossary of terms used on the RBA website


1 Mar 1995 RDP 9501
Tro Kortian
The formal statement of the mainstream academic position was embodied in the Efficient Market Hypothesis (EMH). , ... and which are clearly contrary to the sort of behaviour implied by the EMH.
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Modern Approaches to Asset Price Formation: A Survey of Recent Theoretical Literature

30 Nov 2009 RDP PDF 89KB
EMH - specifically why they sometimes showdepartures from, what subsequently turn out to have been, their intrinsic values. ... It was the academic community's first attempt to rigorouslychallenge key propositions of the EMH.

On Risk and Uncertainty

31 Aug 2010 Speech
Guy Debelle
Address by Guy Debelle to the Risk Australia Conference, Sydney

The Exchange Rate, Monetary Policy and Intervention

3 Dec 1993 Speech
Ian Macfarlane
Talk by Ian Macfarlane to the Economic Society of Australia's Conference ‘A Decade of Floating the Exchange Rate: Looking Back and Looking Forward’, Sydney

The Exchange Rate, Monetary Policy and Intervention

13 Feb 2003 Bulletin PDF 494KB
The first view derives from the EfficientMarkets Hypothesis (EMH). This holds thatthe price in an asset market is always at auniquely-determined equilibrium defined bythe available information on fundamentals,and agents’