The "flats-for-land" system was an equity financing mechanism extensively used in Greece following World War II to alleviate the acute housing crisis caused by mass migration from the countryside to big cities. Drawing on historical evidence and using a parsimonious VAR model, we show that the...

The volatility of a financial asset is an important input for financial decision‐making in the context of asset allocation, option pricing, and risk management. The authors compare and contrast four approaches to stochastic volatility to determine which is most appropriate to each of these...