This paper explains how the Gibbs sampler can be used to perform Bayesian inference on GARCH models. Although the Gibbs sampler is usually based on the analyti-cal knowledge of the full conditional posterior densities, such knowledge is not available in regression models with GARCH errors. We...

This paper casts the Belgian Great Depression of the 1930s within a dynamic stochastic general equilibrium (DSGE) framework. Results show that a total factor productivity shock within a standard real business cycle model is unsatisfactory. Introducing war expectations in the baseline model...

This paper studies the factors influencing the capital structure of Belgian corporate finance since 1984. Using three different datasets, aggregate balance sheets, aggregate flows of funds and a large panel of individual firms followed up during 10 years, we are able to give some empirical...