Main description: Econometric models are widely used in the creation and evaluation of economic policy in the public and private sectors. But these models are useful only if they adequately account for the phenomena in question, and they can be quite misleading if they do not. In response,...

Main description: Financial markets respond to information virtually instantaneously. Each new piece of information influences the prices of assets and their correlations with each other, and as the system rapidly changes, so too do correlation forecasts. This fast-evolving environment presents...

Es werden theoretische und empirische Aspekte der Kuppelproduktion untersucht, wobei unerwünschte Kuppelprodukte als Ursache von Umweltproblemen im Vordergrund stehen. Ziel ist es, die Folgen umweltpolitischer Maßnahmen auf Industriebereiche, die durch Kuppelproduktion vernetzt sind, zu...

The individual risks faced by banks, insurers, and marketers are less well understood than aggregate risks such as market-price changes. But the risks incurred or carried by individual people, companies, insurance policies, or credit agreements can be just as devastating as macroevents such as...

In economic situations where action entails a fixed cost, inaction is the norm. Action is taken infrequently, and adjustments are large when they occur. Interest in economic models that exhibit ''lumpy'' behavior of this kind has exploded in recent years, spurred by growing evidence that it is...

The global financial crisis highlighted the impact on macroeconomic outcomes of recurrent events like business and financial cycles, highs and lows in volatility, and crashes and recessions. At the most basic level, such recurrent events can be summarized using binary indicators showing if the...

Despite spatial statistics and spatial econometrics both being recent sprouts of the general tree ""spatial analysis with measurement""—some may remember the debate after WWII about ""theory without measurement"" versus ""measurement without theory""—several general themes have emerged in...