Recent labour market developments include an increase in labour market mismatches, in that high unemployment rates coexist with significant levels of vacancies. This pattern is particularly evident in the US economy, but is also significant within the European Union; it implies that the natural...

As part of Basel II's incremental risk charge (IRC) methodology, this paper summarizes our extensive investigations of constructing transition probability matrices (TPMs) for unsecuritized credit products in the trading book. The objective is to create monthly or quarterly TPMs with predefined...

Performance-based maintenance contracts differ significantly from material and method-based contracts that have been traditionally used to maintain roads. Road agencies around the world have moved towards a performance-based contract approach because it offers several advantages like cost...

This paper analyses the unemployment gender gap by using a three-state labour market model (Employment, Unemployment, Inactivity) which enables us to determine the equilibrium (steady-state) unemployment rate and the contribution that a single transition probability from each state makes to the...