This paper derives the ARMA representation of integrated and realized variances when the spot variance depends linearly on two autoregressive factors, i.e., SR-SARV(2) models. This class of processes includes affine, GARCH diffusion, CEV models, as well as the eigenfunction stochastic volatility...

In this paper, we present graphical and quantitative evidence on the important role played by changes in labor market institutions on the rise in wage inequality in the United States during the 1980s. We show that the decline in the real value of the minimium wage and in the rate of unionization...

This survey presents within a single model three theories of decentralization of decision-making within organizations based on private information and incentives.