encompasses a general unrestricted model and it forecast encompasses the competitors when tested on 20 quarters of one step ahead …

decision problem of using self-governance for risk sharing or governance through enforcement provided by these institutions … prevent first-best risk sharing, but never optimal to provide incentives exclusively via this technology. Commitment problems …

international equity transactions that accentuate the role of international risk sharing as a factor for the macroeconomic response … shock affecting only one country. Efficient global risk-sharing imply that expected productivity gains in one country will … for the productivity gains can further increase the risk exposure of foreign shareholders. The model is calibrated to show …

When people share risk in financial markets, intermediaries provide costly enforcement for most trades and, hence, are … an integral part of financial marketsu0092 organization. We assess the degree of risk sharing that can be achieved … allow for optimal risk sharing as long as markets are complete, default is prevented in equilibrium and intermediaries …

series models and distinguishes between different forecast horizons, HICP components and inflation measures. Various … indicate that aggregating forecasts by component does not necessarily help forecast year-on-year inflation twelve months …

that the cyclical position and the form of fiscal governance are major determinants of forecast biases. Projected changes …

business surveys data and to aggregate the nation-wide forecast into the Euro-zone forecast, we propose using an approach based …