entropy cost functions that better match this feature of the data and that retain key simplifying features of the Shannon …

preferences, habits, and jumps. The metrics describe the pricing kernel's dispersion (the entropy of the title) and dynamics (time … dependence, a measure of how entropy varies over different time horizons). We show how each model generates entropy and time … approximations -- clarifies the mechanisms underlying these models. It also reveals, in some cases, tension between entropy, which …

We view sustainability as a requirement that welfare should not be expected to decline over time. We impose this …

maximizes welfare. This raises a question: Given its cost, should sustainability be a social objective? …

sustainability. Disclosure of nontraditional debt would imply significant welfare gains for the recipient countries but would reduce … its sustainability. We discuss the implications of nontraditional lending on standard assumptions of sovereign debt models …

was certified in March 2017 for fiscal years 2017-18 to 2026-27. Second, we perform a Debt Sustainability Analysis (DSA … that the island's current debt position is unsustainable, and compute the necessary debt relief to restore sustainability …