What is the role of contracting schemes for the welfare costs of nominal rigidities over the business cycle? We examine 4 different modeling schemes of nominal rigidities that all have the same average duration of contracts. We find that Calvo (1983) wage and price contracts may deliver welfare...

In this paper we illustrate the properties of the epsilon-skew-normal (ESN) distribution with respect to developing more flexible regression models. The ESN model is a simple one-parameter extension of the standard normal model. The additional parameter ~ corresponds to the degree of skewness in...

This paper introduces an estimator for the correlation based on the signs of observations. Its asymptotic distribution is normal, it does not depend on the variance structure and it is invariant with respect to a wide class of models. Moreover, it is particularly suitable to study the...

Use of wind speed data is of great importance in civil engineering, especially in structural and coastal engineering applications. Synthetic data generation techniques are used in practice for cases where long wind speed data are required. In this study, a new wind speed data generation scheme...

For random elements X and Y (e.g. vectors) a complete characterization of their association is given in terms of an odds ratio function. The main result establishes for any odds ratio function and any pre-specified marginals the unique existence of a corresponding joint distribution (the joint...

We provide a new proof for the representation of Cramér-von Mises statistics under (known) gamma and normal distributions. The new method uses orthogonal polynomials and provides an explicit form of the statistics from which the asymptotic distribution can be calculated. Copyright...