In this paper, we review the most common specifications of discrete-time stochastic volatility (SV) models and illustrate the major principles of corresponding Markov Chain Monte Carlo (MCMC) based statistical inference. We provide a hands-on ap proach which is easily implemented in empirical...

Market risk management is one of the key factors to success in managing financial institutions. Underestimated risk can have desastrous consequences for individual companies and even whole economies, not least as could be seen during the recent crises. Overestimated risk, on the other side, may...

Over the last decades, empirical research on subjective well-being in the social sciences has provided a major new stimulus to the discourse on individual happiness. Recently this research has also been linked to economics where reported subjective wellbeing is often taken as a proxy measure for...

Der vorliegende Beitrag ist eine Kurzfassung zur Studie I im Rahmen des Projektes Eckpunkte eines ökologisch tragfähigen Wohlfahrtskonzepts als Grundlage für umweltpolitische Innovations- und Transformationsprozesse für das Bundesumweltministerium (BMU). Die Auswertung hatte zum Ziel,...

Die hier vorgestellten Überlegungen nehmen direkt Bezug auf die im Zuge der projektinternen Synopse identifizierten Unzulänglichkeiten aktuell diskutierter Wohlfahrts- und grüner Wachstumskonzepte in ihrem Verhältnis zu dem bislang in der Bundesrepublik Deutschland etablierten...

What makes people happy in life? This is a crucial question that has the potential to shake up economics. In recent years, the dissatisfaction with the understanding of welfare in economics together with the new opportunities to empirically study people's subjective wellbeing have spurred...

This chapter presents an integrated economic approach that organizes and interprets the evidence on child development. It also discusses the indicators of child well-being that are used in international comparisons. Recent evidence on child development is summarized, and policies to promote...

This paper addresses the effects of migration on families left behind and offers new evidence on the impact of migration on elderly parents. After discussing the identification issues involved in estimation, I review the literature on the effects of migration on the education and health of...

This paper distills and extends recent research on the economics of human development and social mobility. It summarizes the evidence from diverse literatures on the importance of early life conditions in shaping multiple life skills and the evidence on critical and sensitive investment periods...