We develop a unified approach with closed-form solutions for pricing bonds, stocks,currencies and their derivatives. The specification assumes a fundamental risk factorrepresented by a stochastic positive definite matrix following a Wishart autoregressive(WAR) process. By assuming a...

We write and estimate a dynamic model of wages, amenities and labor mobility.Workers trade off wage and amenity offers when deciding whether to change jobs,while facing heterogenous mobility costs. We show that these frictions can turn strongindividual preferences for non wage characteristics...

In this survey of computational Bayesian techniques, we first discuss thestandard computational difficulties with the Bayesian approach, then we coverthe usual resolutions of these difficulties, mostly based upon simulation. Theillustrations concentrate on missing variable models.