function. Swedish banking data is used as an application of the above model. -- Productivity ; Efficiency ; Convergence ; Labor …

sheds light on recent empirical findings that firms use their available capacity to obtain high market prices. There exist …The literature on deregulated electricity markets generally assumes available capacities to be given. In contrast, this … paper studies a model where firms precommit to capacity levels before competing in a uniform price auction. The analysis …

volatility/diffusion term is stochastic in the sense of being driven by a separate hidden Markov process. Within this framework … conditions for the existence of a finite dimensional Markovian realizations for the stochastic volatility models. We illustrate … the theory by analyzing a number of concrete examples. -- HJM models ; stochastic volatility ; factor models ; forward …