Trade in goods that are not perfect substitutes can considerably change the predictions of standard neoclassical models about the effects of demographic developments. This paper considers a relative decrease in the population size of one country, when countries specialize in the production of...

Many European Union states have adjusted pension benefits or reformed the pension system in reaction to the recent economic crisis, while other member states have postponed this type of adjustments. In this paper we study to what extent countries that responded quickly to the crisis are harmed...

This paper provides an explanation as to why population ageing is associated with deflationary processes. For this reason we create an overlapping-generations model (OLG) with money created by credits (inside money) and intergenerational trade. In other words, we combine a neoclassical OLG model...

Trade in goods that are not perfect substitutes can considerably change the predictions of standard neoclassical models about the effects of asymmetric demographic developments. This paper considers a relative decrease in the population size of one country, when countries specialize in the...

This paper studies the asymptotic properties of the binary choice model estimator, based on the maximization of the Area Under receiver operating characteristic Curve (AUC). It is shown that under certain assumptions AUC maximization is a consistent method of binary choice models estimation up...

This paper discusses a bootstrap-based test that checks if finite moments exist and indicates cases of possible misapplication. It notes, in fact, that a procedure for finding the smallest power to which a sample needs to be raised, such that the test rejects a hypothesis that the corresponding...