In this note we describe and compare two methodologies for calculating implied volatility of commodity prices, given the market prices of options on futures or implied volatilities, and a forward curve. The first methodology is fitting an exponential mean-reversion jump-diffusion model to the...

In the present paper it will be shown empirically that more severe regulations (public sector taxation and product market regulations) tend to restrict shadow economy. The sample covers EU, USA and Japan. Data are taken from OECD and (Schneider et al., 2010); (Schneider, 2013). The elaboration...

In this work we study the time evolution of interlocking directorates in Italy from 1998 to 2011 by means of dynamical networks. Our purpose is to assess if in Italy there is a connected and stable structure, due to the presence of directors with multiple mandates, like it happens in the German...

When estimating location choices, Poisson regressions and conditional logit models yield identical coefficient estimates (Guimarães et al., 2003). These econometric models involve polar assumptions as regards the similarity of the different locations. Schmidheiny and Brülhart (2011) reconcile...

Fiscal policy offers the Member States of the European Union, and in particular the countries that have adopted the common currency, an important tool in influencing economic activity and, we could say, the only one that remained available for the governments of these economies after the...

Bai (2009) proposes a recursive least-squares estimation method for large panel data models with unobservable interactive fixed effects, but the impact of recursion on the asymptotic properties of the least-squares estimators is not taken into account. In this paper, we extend Bai (2009) by...

Public expenditure is a catalyst of economic growth, especially in a federal economy like India. When the magnitude and growth of GDP, Exports and Imports define the strength of a fast growing economy, the role of public expenditure in influencing them emerges as a vital area of research. Given...

Wage premia related to union membership and coverage are examined over 1991-2003, a period involving first decline, then stabilization, of unionization. Differences in union premia across workers and over time are studied using individual-level British Household Panel Survey data and quantile...

Convergence across regional economies has spurred one of the most debatable issues in contemporary research in economics. In this paper we seek to address the question of whether, during the period 1995-2004 the NUTS-2 regions of EU-26 exhibited a tendency to converge in terms of agricultural...

In the present paper it will be pointed out that in Eritrea banking entrepreneurship has not yet a significant positive impact on banking profitability. This is attributed to the barriers to entrepreneurship existing there, as well as to the conclusion that financial systems are still relatively...