undiversifiable labor income risk. Optimal portfolios are internationally diversified while positive correlation between domestic …

dimensionality in the estimation of the latter, we propose a dimension reduction technique. The marginals are estimated using …

computational complications are overcome by employing Markov Chain Monte Carlo techniques for the estimation of the model. The …

Computing power now allows empirical researchers to use intensive computing estimation techniques with nonlinear panel …-data models. Maximum Likelihood estimation is often cumbersome, if not analytically intractable, when dealing with such models … panel-data models in the presence of serial correlation, where high-dimensional integrals are induced by the serial …

these cases, maximum-likelihood estimation can be cumbersome if not analytically intractable, requiring a T-variate multiple …