This paper introduces a representation of an integrated vectortime series in which the coefficient of multiple correlation computed fromthe long-run covariance matrix of the innovation sequences is a primitiveparameter of the model. Based on this representation, a notion of nearcointegration is...

In this paper I study conditions for the emergence of cooperativebehavior in a dynamic model of population interaction.The model has finitely many individuals located on a circle. The pay-off of each individual is partly based on the (local)interaction with neighbors and partly on (uniform)...

Asphalt roads are gradually deteriorating over time and need road mending to remain in a good state. Inspections are performed to obtain information about the current state of the road; when the damage achieves the established standards, the road is repaired through a maintenance action that is...

One of the basic assumptions of the classical dynamic lot-sizing model is that theaggregate demand of a given period must be satisfied in that period. Under thisassumption, if backlogging is not allowed then the demand of a given period cannotbe delivered earlier or later than the period. If...

We advocate the use of absolute moment ratio statistics in conjunctionwith standard variance ratio statistics in order to disentangle lineardependence, non-linear dependence, and leptokurtosis in financial timeseries. Both statistics are computed for multiple return horizonssimultaneously, and...

Econometric estimation using simulation techniques, such as the efficient method of moments, may betime consuming. The use of ordinary matrix programming languages such as Gauss, Matlab, Ox or S-plus will very often cause extra delay. For the Efficient Method of Moments implemented to...

In this paper we discuss a locational model with a profit-maximizing objective. The model can be illustrated by the followingsituation. There is a set of potential customers in a given region. A firm enters the market and wants to sell a certainproduct to this set of customers. The location and...

We investigate the potential presence of time variation in the coefficients of the ''Fama regression'' for Uncovered InterestRate Parity. We implement coefficient constancy tests, rolling regression techniques, and stochastic coefficient modelsbased on state space modelling. Among six major US...

It is often argued that a mandatory minimum wage is binding only if the wage density displays a spike at it. In this paper we analyze a model with wage setting, search frictions, and heterogeneous production technologies, in which imposition of a minimum wage affects wages even though, after...