In this paper a notion of descent direction for a vector function defined on a box is introduced. This concept is based on an appropriate convex combination of the “projected” gradients of the components of the objective functions. The proposed approach does not involve an “apriori”...

A class of scalarizations is studied in order to characterize weakly efficient, efficient and properly efficient points of a non convex vector problem.A parallelism is established between the different solutions of the scalarized problem and the various efficient frontiers.In particular,...

In this work we consider the critical points of a vector-valued function f. We study their stability in order to obtain a necessary condition for Paret efficiency. We point out, by an example, that the classical notions of stability (concerning a single point) are not suitable in the settings....

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...

This study surveys theoretical models providing alternative rationales for corporate hedging.

This paper discusses identification within a new parametrization for I(2) systems, where the integral and proportional control cointegrating relations are not necessarily orthogonal. The new parametrization, while equivalent to previously proposed ones, gives more flexibility in choosing the...

In this paper we study the role of the eurozone’s institutional design in determining the sovereign debt crisis of the peripheral euro countries by means of a post-Keynesian eurozone center-periphery model Within this framework, three points are formally addressed. The incomplete nature of the...

Does the adoption of IFRS (International Financial Reporting Standards) by E.U. countries result in a reduction or in an increase of the degree of alignment between tax and financial reporting? What are the potential tax effects if IFRS were used as the basis for corporate taxation? We address...

This paper investigates possible structural changes induced by the Euro on the relations among wages, prices and unemployment for the five major European economies. The dynamic adjustment and the level relations are found to be different across subperiods as well as across countries. During the...