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...

An increasing variety of data frequencies available in economics, finance, etc. gives rise to a question how to build and estimate a regression model with variables observed at different frequencies. In a unifying framework of (m,d)-aggregation we consider various approaches by discussing some...