What would happen if the current US campaign …nance system, mostly based on private donations, were replaced by a public funding scheme of the same magnitude? It has been argued that public funding would deprive voters of useful information, but this can only be true if private donations are somehow targeted to ‘better’candidates. Using a survey-based dataset about the e¤ectiveness of state leg...

This paper provides a non-steady state general equilibrium foundation for the transactions demand for money going back to Baumol (1952) and Tobin (1956). In our economy, money competes against real capital as a store of value. We prove existence of a monetary general equilibrium in which both real capital and at money are voluntarily held over time. The demand for money is generated by xed tran...

Risk management is currently a crucial topic in the world of nance We argue that an important analytic tool in risk management should be extreme value theory and brie y review what this subject has to o er and illustrate the potential uses through

В гиротронах, наиболее мощных источниках электромагнитного излучения в широком диапазоне длин волн от миллиметрового до субмиллиметрового, в качестве активной среды (источника энергии излучения) используются трубчатые пучки электронов, движущихся по винтовым траекториям в магнитном поле (так называемые винтовые электронные пучки ВЭП). Моделирование и оптимизацию параметров ВЭП целесообразно про...

The paper proposes that the organization of …nancial markets is decided by the allocation of the liability to repay investors. Based on the liability allocation, the paper examines all possible modes of organizing …nance and monitoring in an economy a la Townsend (1979). The equilibrium mode is either Financial Intermediation (FI) where the monitor alone takes the liability, or Conglomeration w...

Ground basalt rock may represent a labile reservoir of nutrients, providing low-cost, nutrient-rich substrate for seedling formation and plant growth. The study aimed to evaluate the development native murici [Byrsonima crassifolia (L.) H.B.K.] seedlings using two different application rates ground with particles sizes. experiment was performed in greenhouse, which treatments were arranged rand...

We study the debt dynamics and sustainable debt for an open economy which borrows from abroad in order to "nance consumption. To service the debt the country may exploit a renewable resource. We show that there is for every resource stock R a critical level BH(R) of debt above which debt tends to in"nity but below which it may be steered to zero. We demonstrate how to compute BH(R) using an ODE...

This paper presents an overview of the literature on applications of copulas in the modelling of …nancial time series. Copulas have been used both in multivariate time series analysis, where they are used to charaterise the (conditional) cross-sectional dependence between individual time series, and in univariate time series analysis, where they are used to characterise the dependence between a...

It has been twenty years since Frankel (1979) o¤ered the classic empirical support for the Dornbusch (1976) overshooting model against the simple monetary approach model, and almost that long since Driskill and She¤rin (1981) uncovered some important inconsistencies between Frankel’s theoretical framework and his empirical implementation. Frankel’s RID model nevertheless spawned a huge literatu...