This book isa collection of research papers that contribute to the understanding of ongoing developments in financial institutions and markets both in the United States and globally, including an in-depth look at topics such as universal access, cost recovery, and payment services; the...

This article generates innovative confidence intervals for two of the most popular de-trending methods: Hodrick-Prescott and band-pass filters. The confidence intervals are obtained using block-bootstrapping techniques for dependent data. GDP trend growth and output gap intervals for the G7...

A model for pricing and hedging in incomplete markets is proposed. This model is derived from expected utility theory, and a connection with the traditional no-arbitrage framework is noted. It is shown that the CGM model can be implemented to value risky assets in incomplete markets.