This paper uses U.S. micro level data on employment durations to quantify the effect of potential Unemployment Insurance (UI) entitlement on job separations. Economic theory motivates estimation of a competing risk hazard model for quits and layoffs. The estimation procedure simultaneously...

This working paper aims at improving the comparability of forecast quality measures of insolvency prediction studies. For this purpose, in a first step commonly used accuracy measures for categorial, ordinal and cardinal insolvency predictions are presented. It will be argued, that ordinal...

This paper estimates the determinants of the size of oil tanker spills without dis- tributional assumptions on the error terms. We employ semiparametric estimation techniques to estimate the parameters of a sample selection model and compare them to the estimates from a sample selection model...

This paper reports labour market returns to education in Bangladesh using data from recent nationwide household survey. Returns are estimated separately for rural and urban samples, males, females and private sector employees. Substantial heterogeneity in returns is observed; e.g. estimates are...

This working paper aims at improving the comparability of forecast quality measures of insolvency prediction studies. For this purpose, in a first step commonly used accuracy measures for categorial, ordinal and cardinal insolvency predictions are presented. It will be argued, that ordinal...

The size, growth and causes of the US “underground economy” are examined in light of new estimates of foreign holdings of US currency. World dollarization partially resolves the “currency enigma” which refers to the anomaly that roughly 80% of the US currency supply is “missing” and...

This paper proposes a model of how agents adjust their asset holdings in response to losses in general equilibrium. By emphasising the relation between deflation and financial distress, we capture some original features of the early debt-deflation literature, such as distress selling,...

This is a short literature overview. (1) The literature demonstrates no coherent view on the nature of economic exchange and, in particular, provides no conventionally accepted, fully satisfactory explanation of the real effects of money. Recent developments in macroeconomics suggest a role for...

In this paper we analyse the potential for lending booms in three biggest new EU member states (Czech Republic, Hungary and Poland) during the process of Euro adoption. Experience of old members (Greece, Ireland and Portugal) as well as econometric evidence speak in favour of strong increases in...

In order to gain more insight into the relationship between housing prices and mortgage lending, we estimate models for both the Dutch housing and the mortgage market. The empirical analysis presented in this paper offers support for the hypothesis that in the Netherlands housing prices and...