The responsiveness of job creation to shocks is procyclical, while the destruction countercyclical. This new finding can be explained by a heterogeneous-firm model in which hiring costs lead lumpy employment adjustment. predicts that policies aim stimulate encouraging creation, such as subsidies, are significantly less effective recessions: these times when few firms near their thresholds and m...

Changes in market conditions present challenges for investors as they cause performance to deviate from the ranges predicted by long-term averages of means and covariances. The aim conditional asset allocation strategies is overcome this issue adjusting portfolio allocations hedge changes investment opportunity set. This paper proposes a new approach that based on machine learning; it analyzes ...