This paper investigates the dynamic evolution of tail risk interdependence among U.S. banks, financial services and insurance sectors. Life and non-life insurers have been considered separately to account for their different characteristics. The tail risk interdependence measurement framework...

This working paper reconsiders and adds to empirical evidence on the effect of federal government debt and interest rates.

In this paper, the differences between two variations of proportional representation (PR), open-list PR and closed-list PR, are analyzed in terms of their ability to accurately reflect voter preference. The single nontransferable vote (SNTV) is also included in the comparison as a benchmark. We...

Definitions or approaches to sustainable growth are numerous, varied and often controversial. Despite, the three priorities (smart, sustainable and social growth) of Europe 2020â€(tm)s strategy, there are fears that the Lisbon Agenda could place sustainable development beneath an over-arching...

This paper examines a simple basis risk model based on correlated geometric Brownian motions. We apply quadratic criteria to minimize basis risk and hedge in an optimal manner. Initially, we derive the Föllmer–Schweizer decomposition for a European claim. This allows pricing and hedging under...

In this paper, we study the impact of extreme events on the loan portfolios of the Greek banking system. These portfolios are grouped into three separate groups based on the size of the bank to which they belong, in particular, large, medium, and small size. A series of extreme scenarios was...

This paper discusses broad trends in labour force participation and part-time employment across different age groups since the Great Recession and uses provincial data to identify changes related to population aging, cyclical effects and other factors. The main population age groups examined are...

Estimating potential output and the output gap - the difference between actual output and its potential - is important for the proper conduct of monetary policy. However, the measurement and interpretation of potential output, and hence the output gap, is fraught with uncertainty, since it is...

This paper investigates two different procedures for the measurement of the NAIRU; one based on structural modeling while the other is a statisticai approach using Vector Auto Regression (VAR)-models. Both measurement procedures are assessed by confronting them with the dominant theory of...

Over the last decade, isotone recursive methods have provided unified catalog of results on existence, characterization, and computation of Markovian Equilibrium Decision Processes (MEDPs) in infinite horizon economies where the second welfare theorem fails. Such economies include models with...