Firms in most low-income countries depend almost entirely on imported capital and intermediate inputs. As a result, the availability and cost of foreign exchange play a crucial role on the macroeconomic performance of these countries. In this study we introduce foreign exchange constraints that...

How do key macroeconomic variables of a small open economy with segmented labour markets behave in response to domestic and external shocks? In this paper we attempt to address this question by modeling the coexistence of a formal labour market with higher wage rates and search frictions, and an...

For the algorithmic construction of optimal experimental designs, it is important to be able to evaluate small modi_cations of given designs in terms of the optimality criteria at a low computational cost. In this article, we propose update formulas for evaluating the impact of changes to the...

We study the modeling of a generic assembly system with infinite buffers. This open system consists of two input processes which deliver one component for assembly. The component interarrival times are identical continuously and uniformly distributed. A kit contains one unit of each component...

Journal of Economic Surveys, 17/5, 2003, 749-766

In this paper, we investigate the transition probabilities for diffusion processes. In a first part, we show how transition probabilities for rather general diffusion processes can always be expressed by means of a path integral. For several classical models, an exact calculation is possible,...