We estimate a Markov operator credit migration model in which credit conditions vary through time in response to underlying macroeconomic factors. Emphasis is given to practical issues arising when fitting the model to a portfolio of risk rated credits, including the treatment of incomplete...

Environmental problems and their local, national, and global solutions have taken on ever-increasing importance in today's world. Economic analysis of environmental problems is essential, but economic perspectives must be complemented with an understanding of the principles of ecological...