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flows

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The Edge of Chaos What Actually Moves Prices The series has argued that markets move themselves, but there is now a clean mainstream number for that claim. Gabaix and Koijen estimate that one dollar flowing into the stock market raises aggregate market value by about five dollars. Bouchaud ties the same result to microstructure and latent liquidity. Prices are news, flows, and market inelasticity made visible. Jun 3, 2025 · 11 min