Bibliography of works by Pierre Werner for the research corpus 'A rereading of the Werner Report of 8 October 1970 in the light of the Pierre Werner family archives'

E-print/Working paper (2013)

This Bibliography of works by Pierre Werner is an output of the major research project dedicated to the European vocation and achievements of Pierre Werner, a former Prime Minister, Finance Minister and ... [more ▼]

This Bibliography of works by Pierre Werner is an output of the major research project dedicated to the European vocation and achievements of Pierre Werner, a former Prime Minister, Finance Minister and Foreign Minister of Luxembourg, unanimously recognised as one of the architects of Economic and Monetary Union. It contains a significant number of undiclosed texts coming from the Werner family private archives opened for the first time for scientific purposes. The first stage of the research was particularly focused on the plan for the establishment by stages of an economic and monetary union (more widely known as the Werner Report or the Werner Plan), drawn up by a group of experts chaired by Pierre Werner and officially presented on 8 October 1970 in Luxembourg. [less ▲]

The index of an Eisenstein ideal of multiplicity one

E-print/Working paper (2013)

Mazur’s fundamental work on Eisenstein ideals for prime level has a variety of arith- metic applications. In this article, we generalize his work to arbitrary square-free level. We compute the index of an ... [more ▼]

Mazur’s fundamental work on Eisenstein ideals for prime level has a variety of arith- metic applications. In this article, we generalize his work to arbitrary square-free level. We compute the index of an Eisenstein ideal and the dimension of the m-torsion of the modular Jacobian vari- ety, where m is an Eisenstein maximal ideal. In many cases, the dimension of the m-torsion is 2, in other words, multiplicity one theorem holds. [less ▲]

Parameter estimation based on discrete observations of fractional Ornstein-Uhlenbeck process of the second kind

E-print/Working paper (2013)

Analytical Guidance for Fitting Parsimonious Household-Portfolio Models to Data

E-print/Working paper (2013)

Saving rates and household investment in stocks and business equity are all increasing in income and wealth. Introducing subsistence consumption to a common-across-households Epstein-Zin-Weil utility ... [more ▼]

Saving rates and household investment in stocks and business equity are all increasing in income and wealth. Introducing subsistence consumption to a common-across-households Epstein-Zin-Weil utility function is up to a quantitative explanation, in the context of stan- dardized parsimonious household-portfolio models with risky income. Closed forms in a sim- plified version of the model, with insurable labor-income risk and no liquidity constraints, reveal that if, (i) risky-asset returns are weakly correlated and, (ii) household resources are expected to grow over time, then poorer households can afford exiting subsistence concerns slowly by saving less and by taking less risk, while holding balanced portfolios. [less ▲]

Three lectures on Algebraic Microlocal Analysis

E-print/Working paper (2013)

Inventory of the institutional sources consulted for the research corpus 'A rereading of the Werner Report of 8 October 1970 in the light of the Pierre Werner family archives'

E-print/Working paper (2013)

This Inventory of institutional sources consulted is an output of the major research project dedicated to the European vocation and achievements of Pierre Werner, a former Prime Minister, Finance Minister ... [more ▼]

This Inventory of institutional sources consulted is an output of the major research project dedicated to the European vocation and achievements of Pierre Werner, a former Prime Minister, Finance Minister and Foreign Minister of Luxembourg, unanimously recognised as one of the architects of Economic and Monetary Union. The first stage of the research was particularly focused on the plan for the establishment by stages of an economic and monetary union (more widely known as the Werner Report or the Werner Plan), drawn up by a group of experts chaired by Pierre Werner and officially presented on 8 October 1970 in Luxembourg. [less ▲]

Évolution de l'activité professionnelle selon l'âge, le sexe et la nationalité, 2001 - 2011 - Entwicklung der Erwerbstätigkeit nach Alter, Geschlecht und Nationalität

E-print/Working paper (2012)

Between the 2001 and the 2011 censuses, the part of the persons in employment in the total population decreased slightly from 43.9 % to 43.2 %. For men this recoil was more important. The percentage of ... [more ▼]

Between the 2001 and the 2011 censuses, the part of the persons in employment in the total population decreased slightly from 43.9 % to 43.2 %. For men this recoil was more important. The percentage of the men in employment passed from 52.2 % to 48.3 % of the total of the male population. The part of the women in employment on the other hand, increased from 35.7 % of the female population in 2001 to 38.2 % in 2011. However, in all the age groups, the men remain more numerous to be in employment than the women. The age of the beginning of the professional life increased, but the active life is also longer and this especially for women. The foreigners are relatively more numerous to be in employment (48.5 % of the foreign population) than the Luxembourgers (39.5 % of the Luxembourgish population). In medium age groups, the employment rates of the Luxembourgers are however higher than those of the foreigners. On the other hand, the foreigners are proportionally more numerous to be in employment at more advanced ages than the Luxembourgers. [less ▲]

Activité professionnelle et inactivité - Erwerbstätigkeit und Nichterwerbstätigkeit

E-print/Working paper (2012)

The residents who perform a professional function are considered as "active". Unpaid family workers and part-time employed persons also belong to this category. From 2001 to 2011, the part of working ... [more ▼]

The residents who perform a professional function are considered as "active". Unpaid family workers and part-time employed persons also belong to this category. From 2001 to 2011, the part of working people in the population decreased slightly from 43.9% to 43.2%. The part of persons exclusively occupied in their own household fell by 14.1% in 2001 to 8.8% in 2011. The part of unemployed persons, pupils and students has increased. Regarding gender, men are more likely to be active or retired, while women are relatively more likely to be occupied in their own household. Residents of foreign nationality are, in relative terms, more often active or unemployed than Luxembourgers who are more often in training or already in pension. These characteristics are partly due to the different age structure of the Luxembourgish and foreign population. [less ▲]

Political and Cultural Impacts of Inequality

E-print/Working paper (2012)

LEARN stellt sech fier

E-print/Working paper (2012)

Modularity of certain mod p^n Galois representations

E-print/Working paper (2012)

For a rational prime $p \geq 3$ and an integer $n \geq 2$, we study the modularity of continuous $2$-dimensional mod $p^n$ Galois representations of $\Gal(\overline{\Q}/\Q)$ whose residual representations ... [more ▼]

For a rational prime $p \geq 3$ and an integer $n \geq 2$, we study the modularity of continuous $2$-dimensional mod $p^n$ Galois representations of $\Gal(\overline{\Q}/\Q)$ whose residual representations are odd and absolutely irreducible. Under suitable hypotheses on the local structure of these representations and the size of their images we use deformation theory to construct characteristic $0$ lifts. We then invoke modularity lifting results to prove that these lifts are modular. As an application, we show that certain unramified mod $p^n$ Galois representations arise from modular forms of weight $p^{n-1}(p-1)+1$. [less ▲]

La population par nationalité (1)

E-print/Working paper (2012)

Since the 2001 census, the foreign population has increased by nearly 35%. The 1st February 2011, there were 220 522 foreigners equivalent to 43.04% of the total population. People from the EU-27 ... [more ▼]

Since the 2001 census, the foreign population has increased by nearly 35%. The 1st February 2011, there were 220 522 foreigners equivalent to 43.04% of the total population. People from the EU-27 countries (except Luxembourg) represent 37.41% of the resident population and nearly 87% of the foreign population living in the Grand Duchy. The Portuguese nationality is the first foreign nationality in the country with 82 363 individuals (16.08% of the total population). The increase of Luxembourgish is much less pronounced. On February 1st 2011, there were 291 831 persons with Luxembourgish nationality, that is to say an increase of 5.26% in comparison to 2001. The native people from Luxembourg constitute 48.67% of the total population. The average age for foreigners in Luxembourg is around 35 years, and is 6 years younger compared to Luxembourgish individuals. Foreign persons live mostly in the Centreor in the South of the country, but the growth of the number of foreigners in the last decade was higher in the Northern area than in other regions. [less ▲]

L’évolution de la population - Die Entwicklung der Bevölkerung

E-print/Working paper (2012)

Depuis le recensement de 2001, la population a augmenté de 72 814 unités pour atteindre, au 1er février 2011, le nombre de 512 353 habitants, ce qui correspond à une croissance annuelle moyenne de 1.5 ... [more ▼]

Depuis le recensement de 2001, la population a augmenté de 72 814 unités pour atteindre, au 1er février 2011, le nombre de 512 353 habitants, ce qui correspond à une croissance annuelle moyenne de 1.5%. L’âge moyen de la population est de 38.7 ans, c’est-à-dire 1.2 an de plus qu’en 2001. Pour re-présenter l’importance relative des différents groupes d’âge, on peut calculer le rapport de dé-pendance des jeunes et le rapport de dépendance des personnes âgées. Le rapport de dépendance des jeunes indique le nombre d’enfants et de jeu-nes entre 0 et 14 ans pour 100 personnes âgées de 15 à 64 ans. Ce rapport a diminué en passant de 28.2% en 2001 à 25.2% en 2011. Le rapport de dé-pendance des personnes âgées indique le nombre de personnes de 65 ans et plus rapporté à 100 per-sonnes ayant entre 15 et 64 ans. Ce rapport a bais-sé légèrement de 20.7% en 2001 à 20.4% en 2011. Toutefois, en termes de structure par âge, il y a des différences régionales et locales assez importantes. Ainsi, l’âge moyen varie de 34.2 à 42.9 ans selon les communes. [less ▲]

"Making of" du recensement général de la population au 1er février 2011

E-print/Working paper (2012)

Cette publication est la première d’une sérié, réali-sée conjointement par le STATEC et l’Université du Luxembourg/INSIDE (Integrative Research Unit on Social and Individual Development), présentant au ... [more ▼]

Cette publication est la première d’une sérié, réali-sée conjointement par le STATEC et l’Université du Luxembourg/INSIDE (Integrative Research Unit on Social and Individual Development), présentant au public intéressé les résultats du recensement de la population de 2011. Au 1er février 2011 s’est déroulé le 36e recensement de la population au Grand-Duché de Luxembourg. Pendant plusieurs semaines, 2 157 agents recen-seurs, nommés par les communes, ont distribué et collecté les questionnaires auprès des ménages. Ces ménages avaient, pour la première fois, la pos-sibilité de remplir leur questionnaire par Internet. 512 353 personnes ont été recensées comme rési-dantes. [less ▲]

Die Keramikerzeugung in der Großregion SaarLorLux

E-print/Working paper (2012)

Bestehend aus vier Einheiten, Regionen oder Staaten, im Herzen Europas gelegen, wird die Großregion seit Langem als ein Territorium mit einer reichen industriellen Vergangenheit von großer Dynamik ... [more ▼]

Bestehend aus vier Einheiten, Regionen oder Staaten, im Herzen Europas gelegen, wird die Großregion seit Langem als ein Territorium mit einer reichen industriellen Vergangenheit von großer Dynamik angesehen. Unter den zahlreichen Aktivitätszweigen gibt es einen, der lange Zeit ein Aushängeschild ihres Könnens war: die Keramik. Der Begriff „Keramik“ umfasst eine gewisse Anzahl an sehr unterschiedlichen Produkten, was ihr Aussehen und ihre Eigenschaften betrifft, alle hergestellt aus gebranntem Ton. Im Laufe der Zeit haben sich die Herstellungstechniken weiter entwickelt und immer weniger poröse und feinere Ausführungen hervorgebracht. Die Anwendungen dieses Materials haben sich damit beachtlich ausgeweitet. Das Arbeiten mit Ton stellt in dieser Region eine althergebrachte Tradition dar, da die ersten an archäologischen Fundstellen entdeckten Keramiken 7 000 Jahre alt sind. Jahrtausende lang stellten also Töpfer Gegenstände aus gebranntem Ton her. [less ▲]

Migranten und Migration in der Großregion SaarLorLux

E-print/Working paper (2012)

Hinsichtlich des demographischen Wandels und des Geburtenrückgangs in einigen Teilen der Großregion SaarLorLux ist die Migration in den vergangenen Jahren immer bedeutsamer geworden. Auch das zurzeit zu ... [more ▼]

Hinsichtlich des demographischen Wandels und des Geburtenrückgangs in einigen Teilen der Großregion SaarLorLux ist die Migration in den vergangenen Jahren immer bedeutsamer geworden. Auch das zurzeit zu beobachtende Bevölkerungswachstum in der Großregion ist in erster Linie auf erhebliche Wanderungsgewinne zurückzuführen. <br />So belief sich zwischen 1990 und 2006 die Nettozuwanderung in die Großregion auf 558 500 Personen, wobei jedoch das Wanderungsgeschehen in unterschiedlichem Ausmaß in den einzelnen Teilregionen die Bevölkerungsentwicklung beeinflusste. [less ▲]

Modal choice and optimal congestion

E-print/Working paper (2012)

We study the choice of transportation modes within a city where commuters have het- erogeneous preferences for a car. As in standard models of externalities, the market outcome never maximizes aggregate ... [more ▼]

We study the choice of transportation modes within a city where commuters have het- erogeneous preferences for a car. As in standard models of externalities, the market outcome never maximizes aggregate welfare. We show that in the presence of multiple equilibria prob- lems of coordination can worsen this result. Hence, a social planner focusing on the marginal impact of policies may miss the largest source of inefficiency. We discuss two policy tools: taxation and traffic separation (e.g. exclusive lanes for public transportation). Setting the optimal levels of taxation and of traffic separation constitutes a necessary but not a sufficient condition to reach the first best equilibrium. Comparing the relative efficiency of both poli- cies, we show that traffic separation should be preferred for large-scale policies while taxation better applies to marginal modifications of commuting patterns. [less ▲]

State Owned Firms: Private Debt, Cost Revelation and Welfare

E-print/Working paper (2012)

In this paper we study the role of private debt financing in disciplining a state owned firm operating for a government that incurs a cost of public financing. We show that debt contracts allow the ... [more ▼]

In this paper we study the role of private debt financing in disciplining a state owned firm operating for a government that incurs a cost of public financing. We show that debt contracts allow the government to avoid socially costly subsidies by letting unprofitable state- owned firms default. Debt is never used when the firm and government share the same information about the firm. By contrast, when the state-owned firm has private information, the government has an incentive to use debt to reduce the firm's information rents. We identify the conditions under which a positive debt level benefits governments. They depend on the cost of public funds, the interbank funding rate, the share of foreign investors, the level and uncertainty of the firm's cost. [less ▲]

Kirchenbau im 20. Jahrhundert in der Großregion SaarLorLux

E-print/Working paper (2012)

Im Gebiet der Großregion SaarLorLux entstanden im 20. Jh. schätzungsweise mehr als 1 000 neue Kirchenbauten oder vollständige Umbauten älterer Kirchen. Starkes, schubweises Bevölkerungswachstum im Zuge ... [more ▼]

Im Gebiet der Großregion SaarLorLux entstanden im 20. Jh. schätzungsweise mehr als 1 000 neue Kirchenbauten oder vollständige Umbauten älterer Kirchen. Starkes, schubweises Bevölkerungswachstum im Zuge der Industrialisierung; Zerstörungen in beiden Kriegen sowie durch die Kriege bedingte Bevölkerungsverschiebungen schlugen sich auch im Kirchenbau nieder. Für die Gestalt der Kirchenbauten spielen auch innerkirchliche Entwicklungen eine Rolle, insbesondere die seit dem frühen 20. Jh. einsetzende Liturgiediskussion, die als Reform im 2. Vatikanischen Konzil gipfelte und in den verschiedenen Regionen unterschiedlich starke Auswirkung hatte. Mit dieser Karte wollen die Autoren das interdisziplinär zwischen Architektur- und Kunstgeschichte, Städtebau und allgemeiner Kulturgeschichte aufgefasste Thema des Kirchenbaus im 20. Jh. erstmalig flächendeckend sondieren. [less ▲]

Asymptotics of Harish-Chandra expansions, bounded hypergeometric functions associated with root systems, and applications

E-print/Working paper (2012)

De Rham cohomology and homotopy Frobenius manifolds

E-print/Working paper (2012)

Lecture Notes on Topological Field Theory

E-print/Working paper (2012)

These notes are based on the lecture the author gave at the workshop 'Geometry of Strings and Fields' held at Nordita, Stockholm. In these notes, I shall cover some topics in both the perturbative and non ... [more ▼]

These notes are based on the lecture the author gave at the workshop 'Geometry of Strings and Fields' held at Nordita, Stockholm. In these notes, I shall cover some topics in both the perturbative and non-perturbative aspects of the topological Chern-Simons theory. The non-perturbative part will mostly be about the quantization of Chern-Simons theory and the use of surgery for computation, while the non-perturbative part will include brief discussions about framings, eta invariants, APS-index theorem, torsions and finite type knot invariants. [less ▲]

Vergleichende Analyse soziodemographischer Aspekte von Deutschen und Personen ausländischer Nationalität in ländlichen Regionen des Saarlandes

E-print/Working paper (2012)

Aufgrund der Lage des Saarlandes innerhalb der Großregion SaarLorLux sowie seiner montanindustriellen Geschichte haben sich in diesem Bundesland spezifische Migrationsformen, wie beispielsweise die ... [more ▼]

Aufgrund der Lage des Saarlandes innerhalb der Großregion SaarLorLux sowie seiner montanindustriellen Geschichte haben sich in diesem Bundesland spezifische Migrationsformen, wie beispielsweise die grenzüberschreitende Migration oder die klassischen Gastarbeiterwanderungen herausgebildet. Besonders die grenznahen Gemeinden zu Frankreich und Luxemburg weisen dadurch einen für ländliche Räume besonders hohen Ausländeranteil auf. So ziehen beispielsweise immer mehr Luxemburger in den grenznah gelegenen Landkreis Merzig-Wadern, so dass die Anzahl der Luxemburger in diesem Landkreis innerhalb von zwei Jahren von 605 (2005) auf 1.297 Personen (2007) anstieg (Statistisches Amt Saarland o.J.).Aus diesem Grund lag der Ausländeranteil in der Gemeinde Perl im Jahr 2009 bei 26,0 Prozent (vgl. Bertelmann Stiftung o.J.). Das Forschungsprojekt „Leben in der Fremde – Demographischer Wandel von Migranten im ländlichen Saarland“ verbindet den demographischen Wandel mit der Migrationsforschung und dem ländlichen Raum. Ziel des Projektes ist in erster Linie der Vergleich soziodemographischer Grunddaten zwischen Personen deutscher und ausländischer Staatsangehörigkeit sowie die Integration von Personen ausländischer Nationalität in die einzelnen Untersuchungsgemeinden. Im Artikel werden zunächst kurz der derzeitige Forschungsstand, das Projekt und die methodische Vorgehensweise erläutert. Es schließt sich ein Vergleich des demographischen Verhaltens von Personen deutscher sowie ausländischer Staatsangehörigkeit in den Gemeinden Perl und Schmelz an. [less ▲]

Räume und Identitäten als soziale Praxis. Theorien – Konzepte – Methoden. Tagungsbericht

E-print/Working paper (2012)

Raum und Identität sind zentrale Kategorien der modernen Sozial- und Kulturwissenschaften. Ihre Prominenz spiegelt sich in den vielfältigen und teilweise auch widersprüchlichen Konzepten der beiden ... [more ▼]

Raum und Identität sind zentrale Kategorien der modernen Sozial- und Kulturwissenschaften. Ihre Prominenz spiegelt sich in den vielfältigen und teilweise auch widersprüchlichen Konzepten der beiden Forschungsfelder wider, ebenso wie in diversen wissenschaftstheoretischen Wenden. Dabei haben sich disziplinenübergreifend konstruktivistische und kontingenzorientierte Auffassungen von Räumen und Identitäten durchgesetzt, die in der sozialen Praxis ihren Kristallisationspunkt finden. [less ▲]

The Clean Development Mechanism in a Global Carbon Market

E-print/Working paper (2012)

This paper discusses the role of the Clean Development Mechanism (CDM) on the market for carbon quotas and countries' commitments to reduce their carbon emission levels. We show that the CDM contributes ... [more ▼]

This paper discusses the role of the Clean Development Mechanism (CDM) on the market for carbon quotas and countries' commitments to reduce their carbon emission levels. We show that the CDM contributes to an efficient funding of clean technology investments in least developed countries. However, the CDM is not neutral on the global level of carbon emissions as it entices countries to raise their emission caps. The CDM may also make inappropriate the inclusion of any country that takes no emission abatement commitment. It can even make inefficient a country's decision to commit to an emission target. [less ▲]

Trade, Economic Geography and the Choice of Product Quality

E-print/Working paper (2012)

The present paper studies the effect of the choice of product quality on trade and location of firms. We build a quality-augmented model where consumers have preferences for the quality of a set of ... [more ▼]

The present paper studies the effect of the choice of product quality on trade and location of firms. We build a quality-augmented model where consumers have preferences for the quality of a set of differentiated varieties. Firms do not only develop and sell manufacturing varieties in a monopolistic competitive market but also determine the quality level of their varieties by investing in research and de- velopment. We explore the price and quality equilibrium properties when firms are immobile. We then consider a footloose capital model where capital is allocated to the manufacturing firms in the region offering the highest return. We show that the larger region produces varieties of higher quality and that the quality gap increases with larger asymmetries in region sizes and with larger trade costs. Finally, the home market effect is mitigated when firms choose their product quality. [less ▲]

Market Perceptions of US and European Policy Actions Around the Subprime Crisis

E-print/Working paper (2012)

Vertically Splitting a Firm:Promotion and Demotion in a Team Production Experiment

E-print/Working paper (2012)

Associated families of immersions of three dimensional CR manifolds in Euclidean spaces

E-print/Working paper (2012)

Unfavorable Land Endowment, Cooperation, and Reversal of Fortune

E-print/Working paper (2012)

This research advances the hypothesis that reversal of fortunes in the process of economic develop- ment can be traced to the effect of natural land productivity on the desirable level of cooperation in ... [more ▼]

This research advances the hypothesis that reversal of fortunes in the process of economic develop- ment can be traced to the effect of natural land productivity on the desirable level of cooperation in the agricultural sector. In early stages of development, unfavorable land endowment enhanced the economic incentive for cooperation in the creation of agricultural infrastructure that could mitigate the adverse effect of the natural environment. Nevertheless, despite the beneficial effects of cooperation on the intensive margin of agriculture, low land productivity countries lagged behind during the agricultural stage of development. However, as cooperation, and its persistent effect on social capital, have become increasingly important in the process of industrialization, the transition from agriculture to industry among unfavorable land endowment economies was expedited, permitting those economies that lagged behind in the agricultural stage of development, to overtake the high land productivity economies in the industrial stage of development. Exploiting exogenous sources of variations in land productivity across countries the research further explores the testable predictions of the theory. It establishes that: (i) reversal of fortunes in the process of development can be traced to variation in natural land productivity across countries. Economies characterized by favorable land endowment dominated the world economy in the agricultural stage of development but were overtaken in the process of industrialization; (ii) lower level of land productivity in the past is associated with higher levels of contemporary social capital; (iii) cooperation, as reflected by agricultural infrastructure, emerged primarily in places were land was not highly productive and collective action could have diminished the adverse effects of the environment and enhance agricultural output. [less ▲]

The Governance of Perpetual Financial Intermediaries

E-print/Working paper (2012)

Die Entwicklung des Eisenbahnverkehrs in der Großregion SaarLorLux

E-print/Working paper (2012)

Die Karte zeigt die Entwicklung des Schienenverkehrs in der Großregion SaarLorLux von seinen Anfängen im Jahr 1838 bis 2016. Die Expansion der betriebenen Netze bis zum 2. Weltkrieg wie auch die ... [more ▼]

Die Karte zeigt die Entwicklung des Schienenverkehrs in der Großregion SaarLorLux von seinen Anfängen im Jahr 1838 bis 2016. Die Expansion der betriebenen Netze bis zum 2. Weltkrieg wie auch die Schrumpfung danach lassen sich im GR-Atlas an einer zeitgesteuerten Karte verfolgen, indem das jeweils gewünschte Jahr ausgewählt wird. Es ist ebenfalls möglich, die Zeit automatisch ablaufen zu lassen. [less ▲]

A tale of three homotopies

E-print/Working paper (2012)

On the long run economic performance of small economies

E-print/Working paper (2012)

In this paper, we analyze the long run economic performance of a small economy open to foreign investments. Policy instruments used to attract investments are taxes and attractive public infrastructures ... [more ▼]

In this paper, we analyze the long run economic performance of a small economy open to foreign investments. Policy instruments used to attract investments are taxes and attractive public infrastructures, whereas the policy choices of the rest of the world are taken as given. Applying the Pontryagin’s maximum principle, we first show that there exists one long run optimal size of the small economy which is saddle-point stable. The transitional path is two-dimensional, if the small economy is patient enough. Then, we show that the share of tax income allocated to the infrastructure expenditures plays an important role in attaining such a steady state. However, a deviation from this policy path can lead to an eventual economic collapse. [less ▲]

Measuring the Bid-Ask Spreads: A Note on the Potential Downward Bias of the Thompson-Waller Estimator

E-print/Working paper (2012)

Noise Trading and the Cross-Section of Index Option Prices

E-print/Working paper (2012)

Optimal mix of funded and unfunded pension systems: the case of Luxembourg

E-print/Working paper (2012)

Financing of the Luxembourg pension system is based on a pay-as-you-go (PAYG) system <br />and hence on an inter-generational contract. As is the case for most other European <br />countries, this system ... [more ▼]

Financing of the Luxembourg pension system is based on a pay-as-you-go (PAYG) system <br />and hence on an inter-generational contract. As is the case for most other European <br />countries, this system will be exposed to the effects of demographic ageing over the coming <br />decades. <br />The aim of this paper is to develop a model that allows to evaluate the efficiency of a <br />diversified pension system financed partly by a pay-as-you-go scheme and partly by <br />capitalisation. The efficiency is measured by the long term sustainability of the system. We <br />compare the sustainability of our model to the one of a pure pay-as-you-go system. [less ▲]

Modeling default correlation in a US retail loan portfolio

E-print/Working paper (2012)

B/Ordering in der Großregion. Mobilitäten - Grenzen - Identitäten

E-print/Working paper (2012)

Asymmetric Competition among Nation States: A Differential Game Approach

E-print/Working paper (2012)

This paper analyzes the impact of foreign investments on a small country's economy in the context of international competition. To that end, we model tax and infrastructure competition within a ... [more ▼]

This paper analyzes the impact of foreign investments on a small country's economy in the context of international competition. To that end, we model tax and infrastructure competition within a differential game framework between two unequally sized countries. The model accounts for the widely recognized characteristic that small states are more flexible in their political decision making than larger countries. However, we also acknowledge that small size is associated with limited institutional capacity in the provision of public goods. The model shows that the long-term outcome of international competition crucially depends on the degree of capital mobility. In particular, we show that flexibility mitigates against - but does not eliminate - the likelihood of collapse in a small economy. Finally, we note that the beneficial effect of flexibility in a small state increases with its inefficiency in providing public infrastructure and with the degree of international openness. [less ▲]

Categorifying the sl(2,C) Knizhnik-Zamolodchikov Connection via an Infinitesimal 2-Yang-Baxter Operator in the String Lie-2-Algebra

E-print/Working paper (2012)

Feynman integrals and periods in configuration spaces

E-print/Working paper (2012)

Analysing voice in educational discourses

E-print/Working paper (2011)

On Learning a Language in Transformation: Two final year students’ experiences in Chinese complementary education

E-print/Working paper (2011)

This paper is concerned with Chinese-Dutch children’s experiences with learning Chinese in the Netherlands. The paper presents basic facts about the Chinese language and its changing position in the world ... [more ▼]

This paper is concerned with Chinese-Dutch children’s experiences with learning Chinese in the Netherlands. The paper presents basic facts about the Chinese language and its changing position in the world, a brief history of the Chinese diaspora in the Netherlands and the context of Chinese complementary education. It analyses two written accounts of final year students’ experiences with learning Chinese, focusing on the ways of speaking about Chinese in relation to identity and education. In conclusion, it is argued that the students’ experiences urge us to consider Chinese as a polycentric language – i.e. as a language with multiple and competing centres of gravity – and as a language in transformation. [less ▲]

Does the GARCH Structural Credit Risk Model Make a Difference?

E-print/Working paper (2011)

In this study, we empirically investigate and evaluate various approaches to structurally assess credit risk using a panel of European banking groups. We consider not only the standard approaches in the ... [more ▼]

In this study, we empirically investigate and evaluate various approaches to structurally assess credit risk using a panel of European banking groups. We consider not only the standard approaches in the literature, but also include models that allow the asset volatility to be stochastic and models that allow for short- and long-term components of default risk. Models are evaluated by comparing their ability to correctly and timely identify changes in risk indicators. Surprisingly, we find that the GARCH structural credit risk model, despite its more sophisticated modeling approach, typically underperforms more basic models. Importantly for macro-prudential policy, the combined Merton/GARCH-MIDAS model performs best and reflects important market events earlier than the other approaches. [less ▲]

Caractère d'isogénie et critères d'irréductibilité

E-print/Working paper (2011)

This article deals with the Galois representation attached to elliptic curves with an isogeny of prime degree over a number field. We first determine uniform criteria for the irreducibility of Galois ... [more ▼]

This article deals with the Galois representation attached to elliptic curves with an isogeny of prime degree over a number field. We first determine uniform criteria for the irreducibility of Galois representations attached to elliptic curves in some infinite families, characterised by their reduction type at some fixed places of the base field. Then, we give an explicit form for a bound that appear in a theorem of Momose. Finally, we use these results to precise a previous theorem of the author about the homotheties contained in the image of the Galois representation. [less ▲]

Auswertung der Selbstevaluation des IDENT-Projekts (2007-2010)

E-print/Working paper (2011)

Large Portfolio Risk Management and Optimal Portfolio Allocation with Dynamic Copulas

E-print/Working paper (2011)

Die Verwaltungsgliederung der Großregion SaarLorLux

E-print/Working paper (2011)

Die Großregion (2008: 65 398 km², 11,4 Mio. Einwohner) ist administrativ nicht homogen gegliedert. Bereits ihre einzelnen Teilräume haben einen unterschiedlichen Status: Das Großherzogtum Luxemburg ist ... [more ▼]

Die Großregion (2008: 65 398 km², 11,4 Mio. Einwohner) ist administrativ nicht homogen gegliedert. Bereits ihre einzelnen Teilräume haben einen unterschiedlichen Status: Das Großherzogtum Luxemburg ist ein souveräner Staat, Wallonien ist eine belgische Region, Lothringen war bis 2015 eine französische Region, ist seit dem 1.1.2016 Teil der neuen Region Alsace Champagne-Ardenne Lorraine (ACAL), Rheinland-Pfalz und Saarland sind deutsche Bundesländer. Die Größe und Einwohnerzahl der Gemeinden sowie deren Kompetenzen unterscheiden sich deutlich, insbesondere dadurch bedingt, dass es in Frankreich keine Gemeindereform gab, aber auch aufgrund der unterschiedlichen politischen und wirtschaftlichen Strukturen. [less ▲]

Der Digitale Pranger – Die Benotung von Lehrern im Zeitalter des Web 2.0

E-print/Working paper (2011)