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This is the value of the control rule which would be used if one treated ,d as known with certainty and equal to the least squares estimate. We call this rule the least squares certainty equivalence...
Estimation and Solution of Linear Rational Expectations Models Using a Polynomial Matrix Factorization.
TESTING INEQUALITY CONSTRAINTS IN LINEAR ECONOMETRIC MODELS     ECONOMETRIC MODELS  INEQUALITY       font style='font-size:12px;'> 2015/7/31
This paper develops three asymptotically equivalent tests for examining the validity of imposing linear inequality restrictions on the parameters of linear econometric models. First we consider the ...
This paper considers a general nonlinear econometric model framework that contains a large class of estimators defined as solutions to optimization problems. For this framework we derive several a...
Quasi-linear preferences in the macroeconomy: Indeterminacy, heterogeneity and the representative consumer.
The influence of economic and demographic variables on the annual electricity consumption in Italy has been investigated with the intention to develop a long-term consumption forecasting model. The ti...
We prove the existence of bounded solutions of quadratic backward SDEs with jumps, using a direct fixed point approach as in Tevzadze [35]. Under an additional standard assumption, we prove a uniquene...
In this paper, we propose an efficient Monte Carlo implementation of non-linear FBSDEs as a system of interacting particles inspired by the ideas of branching diffusion method. It will be particularly...
We extend Kirman's model by introducing variable event time scale. The proposed exi- ble time scale is equivalent to the variable trading activity observed in nancial markets. Stochastic version ...
In this work, we have presented a simple analytical approximation scheme for the generic non-linear FBSDEs. By treating the interested system as the linear decoupled FBSDE perturbed with non-linear ...
Notional portfolios and normalized linear returns     Notional portfolios  normalized linear  Portfolio Management       font style='font-size:12px;'> 2011/7/25
Abstract: The vector of periodic, compound returns of a typical investment portfolio is almost never a convex combination of the return vectors of the securities in the portfolio. As a result the ex p...
The paper proposes a new approach to consistent stochastic utilities, also called forward dynamic utility, recently introduced by M. Musiela and T. Zariphopoulou. These utilities satisfy a property of...
The presence of non linear instruments is responsible for the emergence of non Gaussian features in the price changes distribution of realistic portfolios, even for Normally distributed risk factors....
We study scale invariant but not necessarily conformal invariant deformations of non-relativistic conformal field theories from the dual gravity viewpoint. We present the corresponding metric that sol...
Probabilistic representations of the density function of the asset price and of vanilla options in linear stochastic volatility models。

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