rate can impose significant costs on intertemporal trade. The model also shows that a variety of nonlinear relationships is … preferences between goods. In contrast to recent work, our analysis implies that such costs of intertemporal trade may be a …

which current volatility is easily estimated from historical asset prices observed at discrete intervals. Empirical analysis … Black-Scholes model is updated every period and uses implied volatilities from option prices, while the parameters of the … GARCH model are held constant and volatility is filtered from the history of asset prices. The improvement is due largely to …

growth in revenues, TFP growth contributed 1.90 percentage points (pct. pts.); growth in output prices added 1.43 pct. pts …

convert estimates of capital stock into estimates of capital service flows by means of capital rental prices. Comparisons of … levels of capital input among countries require data on relative prices of capital input. We obtain relative price levels for … capital input via relative investment goods prices, taking into account the flow of capital input per unit of capital stock in …

Programming models approximate market prices and quantities when regulations constrain firm choices, because market …