−r(T−t)EQ[F(S(T))|Ft] 0 ≤ t ≤ T . 11 Note that considering a European option written on S(t) is equivalent to considering a Euro- pean option … revision of the logarithm of the stock price X(t) = lnS(t) moves by i.i.d. Y . More precisely, we assume that the dynamics of … the observed tick- by-tick microstructure of X(t), under the physical measure P, are described by X(t) = X(0)+(r−D)t + Nt …

Zealand, The US and the Euro area from 1999. Volatility in short-term money market rates on the days of interest rate …

Consumo (IPC) y el tipo de inter�s de oferta en el mercado interbancario del euro (EURIBOR), provienen del Bolet�n Estad … estimar� por m�xima verosimilitud. La verosimilitud viene dada por: L( ; ) = lnVi<lnZi 1 ( lnVi X0i ) lnVi lnZi[1 … ( lnZi X0i )] (6) donde (:) se corresponde con la funci�n de densidad normal est�ndar y (:) con la funci�n de …

demand, real wage, and labour supply equations: 9 n t = α 1 n t−1 + β 1 k t −γ 1 w t , (2) w t = α 2 w t−1 + β 2 x t −γ 2 u t … t is realcapital stock, x t representsawage-pushfactor, andz t isworking-agepopulation; the β’s, and γ’s are positive … = β 1 (1−α 2 B)k t −γ 1 (1−α 2 B)w t , (6) (1−α 2 B)w t = β 2 x t −γ 2 u t , (7) (1−α 1 B)(1−α 2 B)l t = β 3 (1−α 1 B)(1−α …

the extent that female education has increased over the years, and that Southern Euro- pean countries have more … country k. This index is constructed as: TIt;k = [ X t;k hwi;t;k ¡hmi;t;k=hwi;t;k +hmi;t;k]x100 (4) where hmi;t;k denotes the …

a common currency, the Euro, to accelerate the process. At the same time skills shortages …

at the beginning of each period about their consump- tion c t , their total investment x t and next period’s total … sequence {c t ,x t ,s t ,v t ,M t+1 ,K t+1 ,i t+1 ,n t+1 } t≥0 to maximize their expected lifetime utility: maxE 0 ( ∞ X t=0 β … t [ln(c t )− | A n | ϕ− | A b | φ(s t )− | A p | Υ(v t )] ) (PH) subject to: c t + x t + b 2 µ x t K t −δ k ¶ 2 K t ≤| A …

times and granted to everyone with an amount of currently 14.53 Euro a day for a maxi- mum period of 30 months. 6 18 months …