In this paper we introduce two stochastic volatility models where the response variable takes on only finite many ordered values. Corresponding time series occur in high-frequency finance when the stocks are traded on a coarse grid. For parameter estimation we develop an efficient Grouped Move...

We analyze the impact of adolescents' friendship relations in their final-year class of highschool on subsequent labor market success. Based on a typology of network positions we locateeach student within the social system of the school class as either: an isolate, a sycophant,a broker or a...

Focussing on the prime example of CO2 emissions, we discuss several important theoretical and econometric problems that arise when studying environmental Kuznets curves (EKCs). The dominant theoretical approach is given by integrated assessment modelling, which consists of economic models that...

Is it possible to combat global climate change through North-to-South technology transfer even without a global climate treaty? Or do carbon leakage and the rebound effect imply that it is possible to take advantage of technological improvements under the umbrella of a global arrangement only?...

We investigate the economic impact of stochastic endogenous extreme events and insurance in a growth model. Our analytical results and computational experiments show that i) transparency of the insurance sector is the decisive requisite for abatement activities, implying substantial policy...

Is it possible to combat global climate change through North-to-South technology transfer even without a global climate treaty? Or do carbon leakage and the rebound effect imply that it is possible to take advantage of technological improvements under the umbrella of a global arrangement only?...