Using a time-separable utility function where leisure is introduced through the disutility of working time and is adjusted for quality, as measured by human capital to capture home-production, we demonstrate that the environmental policy is harmful for growth. A tighter environmental tax reduces...

Models with structured additive predictor provide a very broad and rich framework for complex regression modeling. They can deal simultaneously with nonlinear covariate effects and time trends, unit- or cluster specific heterogeneity, spatial heterogeneity and complex interactions between...

Default risk models have been widely employed to assess the ability of households and sovereigns to insure themselves against shocks. Grid search has often been used to solve these models because the complexity of the problem prevents the use of faster but less general methods. In this paper, we...

Forecast combinations, also known as ensemble models, routinely require practitioners to select a model from a massive number of potential candidates. Ten explanatory variables can be grouped into 21078 forecast combinations, and the number of possibilities increases further to 21078+21078 if we...