The necessity of improving the forecasts accuracy grew in the context of actual economic crisis, but few researchers were interested till now in finding out some empirical strategies to improve their predictions. In this article, for the inflation rate forecasts on the horizon 2010-2012, we...

Keynes in the General Theory, explains the monetary nature of the interest rate by means of the liquidity preference theory. The objective of this paper is twofold. First, to point out the limits of the liquidity preference theory. Second, to present an explanation of the monetary nature of the...

Due to their well-known indeterminacies, factor models require identifying assumptions to guarantee unique parameter estimates. For Bayesian estimation, these identifying assumptions are usually implemented by imposing constraints on certain model parameters. This strategy, however, may result...

Based on the seminal paper of Farrell (1957), researchers have developed several methods for measuring e fficiency. Nowadays, the most prominent representatives are nonparametric data envelopment analysis (DEA) and parametric stochastic frontier analysis (SFA), both introduced in the late 1970s....

The presence of negative values in the primary inputs vector in the input output framework has been considered as a limitation to the development of multi-sectoral linear models. It is true that, when this circumstance happens, the industries that are related appear unbalanced, however, the...

The goal of this study is to get a premium calculation principle, for the life insurance business, based on a coherent risk measure (Wang, 1995) in the form of power, called \Proportional Hazards (PH) Transforms" to justify the recommendation of Solvency II to reduce the effect of the mortality...

This paper focuses on the development of both failure prediction models on a paired sample and a random sample of small and medium-sized firms with head offices located in the region of Castilla y León (Spain), in order to prove if the predictive power of the developed models is affected by the...

Empirical applications for assessing the efficiency in cultural organizations are still scarce. In this paper, we use a non-radial, output-oriented, DEA model for assessing the efficiency of a sample of 292 Musical Societies in the Valencian Community. The interest in this type of cultural...

The objective of this work is the analysis of the influence that the resources and capabilities of companies in the distribution sector in Spain has to explain productive efficiency as a performance measure (in the period 1997-2006, for a total of 42 sectors of activity a 4-digit NACE). It also...