In This Article, It Is Argued That the Long International, Financial and Economic Cycle (50-60 Years) Is More Than a Statistical Aberration, and Is the Result of Institutional Political, Financial and Economic Conditions Which Are Recurrent. It Is Proposed As an Hypothesis That the Breakdown of...

We identify conditions under which preferences over sets of consumption opportunities can be reduced to preferences over bundles of "commodities". We distinguish ordinal bundles, whose coordinates are defined up to monotone transformations, from cardinal bundles, whose coordinates are defined up...

This paper develops and estimates a game-theoretical model of inflation targeting where the central banker's preferences are asymmetric around the targeted rate. In particular, positive deviations from the target can be weighted more, or less, severely than negative ones in the central banker's...

Some Current Insurance Markets Are Troubled by the Presence of Systematic Risk Or by the Inability of the Parties to Specify the Distribution for Aggregate Loss. Such Circumstances Partly Characterise the Topical "Liability Insurance Crisis". We Compare the Performance of Alternative Vehicles...

In This Paper Several Additional Gmm Specification Tests Are Studied. a First Test Is a Chow-Type Test for Structural Parameter Stability of Gmm Estimates. the Test Is Inspired by the Fact That "Taste and Technology" Parameters Are Uncovered. the Second Set of Specification Tests Are Var...