In continuous-time stochastic calculus a limit in probability is used to extend the definition of the stochastic integral to the case where the integrand is not square-integrable at the endpoint of the time interval under consideration. When the extension is applied to portfolio strategies,...

In continuous-time stochastic calculus a limit in probability is used to extend the definition of the stochastic integral to the case where the integrand is not square-integrable at the endpoint of the time interval under consideration. When the extension is applied to portfolio strategies,...

An application of the Stokes' theorem is illustrated by solving the two state problem, with inequality constraints, of Dobell and Ho concerning the optimal investment of resources. Whenever applicable, the Stokes' theorem approach seems to be elegant and parsimonious

To explain measures stabilization policy to a wide public, the results of complicated models have to be presented in an as-simple-as-possible framework This paper combines useful concepts for stabilization policy in a graphical presentation that displays any model that is able to produce an...

Zwei wesentliche Perspektiven, Arbeitslosigkeit zu untersuchen, sind die der Gerechtigkeit und die der Effizienz. Unverschuldete Arbeitslosigkeit wird als ungerecht empfunden. Zugleich wird häufig argumentiert, dass Arbeitslosigkeit zu gesellschaftlichen Wohlfahrtseinbußen führt, da Arbeit...

The United States is currently trying to manage a fast-moving public health crisis due to the coronavirus outbreak (COVID-19). The economic and financial ramifications of the outbreak are serious. This Working Paper discusses these ramifications and identifies three interrelated but potentially...