Facing an hypothetical, but increasingly, case of default risk on a mortgage or a fall in interest rates, an important issue raised by the borrower is the possibility of minimizing that risk by selecting the best refinancing option. In this paper, a mortgage refinancing model is presented,...

Facing an hypothetical, but increasingly, case of default risk on a mortgage or a fall in interest rates, an important issue raised by the borrower is the possibility of minimizing that risk by selecting the best refinancing option. In this paper, a mortgage refinancing model is presented,...

By influencing her specific labor occupation choice major choices greatly condition the allocation of an individual’s time. Previous economic analysis on the subject has emphasized monetary considerations affecting such a decision, but has been relatively less incisive regarding non pecuniary...

This paper develops and estimates a dynamic structural model of participation in the risky financial asset markets using household level panel data. We specify a simple economic model in order to capture the portfolio choice over the life cycle. We solve the model using numerical techniques....

This paper presents the work carried out in the Research and Development Unit of the Banco de España’s Banknote Production Control Department over the last few months in the field of artificial intelligence (AI). Research and development have focused on the application of AI to the banknote...