In this paper we propose a generalisation of the noise trader transmission mechanism to examine the impact of central bank intervention on exchange rates. Within a heterogeneous expectations exchange rate model intervention operations are supposed to provide support to either chartist or...

Recently, the application of the proton exchange membrane fuel cells (PEMFCs) is extensively increasing as a popular renewable energy source. PEMFCs need low temperature for the operation along with high power density and easy implementation ability. These characteristics turned them into the...

This paper provides a complete program for the valuation of aggregate non-life insurance liability cash flows based on claims triangle data. The valuation is fully consistent with the principle of valuation by considering the costs associated with a transfer of the liability to a so-called...