This paper develops a NATREX (NATural Real EXchange rate) model for two large economies, the Eurozone and the United States. The NATREX approach has already been adopted to explain the medium-long term dynamics of the real exchange rate in a number of industrial countries. So far, however, it...

This paper warns the risks of uncritically adopting the mind set of statisticians in empirical analysis. The examples of vector autoregressions, forecast combinations and measurement of treatment effects are used to illustrate the fragility of statistical inference when sample observations are...

Credit risk refers to the risk of incurring losses due to unexpected changes in the credit quality of a counterparty or issuer. In this paper we give an introduction to the modeling of credit risks and the valuation of credit-risky securities. We consider individual as well as correlated credit...

Credit risk refers to the risk of incurring losses due to unexpected changes in the credit quality of a counterparty or issuer. In this paper we give an introduction to the modeling of credit risks and the valuation of credit-risky securities. We consider individual as well as correlated credit...

This paper examines demand elasticities using an integrated framework proposed by Hanemann [Hanemann, M. W. 1984. Discrete/continuous models of consumer demand. (3) 541–561], which models the incidence, brand choice, and quantity decisions of a consumer as an outcome of her utility...