The canonical inflation specification in sticky-price rational expectations models (the new-Keynesian Phillips curve) is often criticized for failing to account for the dependence of inflation on its own lags. In response, many studies employ a “hybrid” specification in which inflation...

Monetary policy instruments differ in tightness - how closely they are linked to inflation - and transparency - how easily they can be monitored. Tightness is always desirable in a monetary policy instrument; when is transparency? When a government cannot commit to follow a given policy. We...

The storm Gudrun hit southern Sweden in January 2005 and approximately 70 million cubic meters of forest was wind felled. The existing logistic planning at forest companies in the damaged area had to be changed over night. There was a direct shortage of both harvest and transportation...

Portfolio credit risk measurement is greatly affected by data constraints, especially when focusing on loans given to unlisted firms. Standard methodologies adopt convenient, but not necessarily properly specified parametric distributions or simply ignore the effects of macroeconomic shocks on...

The paper analyzes problems of the spatial economy modeling and approaches to their solving; to what degree an economic space is conceptualized; advantages and disadvantages of major classes of spatial models; and experts’ assessments of prospects of spatial modeling. Conceptualization of the...