The classic 'logistic' model has provided a realistic model of the behaviour of Covid-19 in China and many East Asian countries. Once these countries passed the peak, the daily case count fell back, mirroring its initial climb in a symmetric way, just as the classic model predicts. However, in...

This paper examines the phenomenon of cross-currency substitution and the validity of monetary aggregation within the European Monetary System using non-parametric methods which exploit the relationship between intergroup substitution and separability. The separability property is tested using...

This paper argues that first passage time models are likely to better than affine hazard rate models in modelling stressed credit markets and confirms their superior performance in explaining the behavior of Credit Default Swap rates for the major US banking groups over the period of the...