This paper investigates whether risk sharing, measured as income and consumption smoothing, among countries in the EU and the European Economic and Monetary Union (EMU) has increased since the adoption of the euro. We ask: Have the recent increase in foreign equity and debt holdings been...

We estimate the effects of deregulation of U.S. banking restrictions on the amount of interstate personal income insurance during the period 1970-2001. Interstate income insurance occurs when personal income reacts less than one-to-one to state-specific shocks to output. We find that income...

This paper examines the properties of alternative GMM procedures for estimation of the log-normal stochastic autoregessive volatility model through a large scale Monte Carlo study. We demonstrate that there is a fundamental trade-off between the number of moments, or information, included in the...

Cost effectiveness is central to the air freight forwarders. In this work, we study how an air freight forwarder should plan its cargo loading in order to minimize the total freight cost given a limited number of rented containers. To solve the problem efficiently for practical implementation,...

In this paper, a parallel double-effect or heat integrated organosilicon monomer distillation scheme is simulatively proposed with the aid of computer simulation to research the effect of heat integration on exergy loss of distillation process. The x–y diagrams of three groups of key...