Publications

Forthcoming:

  • Baert, S. and E. Omey, "Hiring Discrimination against Pro-Union Applicants: The Role of Union Density and Firm Size", forthcoming in De Economist.
  • Baert, S., "Wage Subsidies and Hiring Chances for the Disabled: Some Causal Evidence", forthcoming in European Journal of Health Economics.
  • Cockx, B., Dejemeppe, M. and B. Van der Linden “Évaluation d'une politique de contrôle de la recherche d'emploi. L'apport de l'économétrie structurelle”, Fortcoming in Revue Française d'Economie.
  • De Vos, I., G. Everaert and I. Ruyssen, "Bootstrap-based bias correction and inference for dynamic panels with fixed effects", forthcoming in Stata Journal.
  • Everaert, G. and T. De Groote, “Common Correlated Effects Estimation of Dynamic Panels with Cross-Sectional Dependence” forthcoming in Econometric Reviews.
  • Everaert, G., Heylen, F. and R. Schoonackers, "Fiscal policy and TFP in the OECD: measuring direct and indirect effects", forthcoming in Empirical Economics.
  • Isebaert, D., Heylen, F. and C. Smolders, "Houses and/or jobs: ownership and the labour market in Belgian districts", forthcoming in Regional Studies.

2016:

  • Baert, S., S. De Visschere, K. Schoors, D. Vandenberghe and E. Omey, 2016, "First Depressed, Then Discriminated Against?”, Social Science & Medicine, 170C, 247-254.
  • Palmisano, F. and D. Van de gaer, 2016, “History dependent growth incidence: a characterization and an application to the economic crisis in Italy”, doi: 10.1093/oep/gpw002.
  • Ramos, X. and D. Van de gaer, 2016, “Approaches to inequality of opportunity: principles, measures and evidence”, doi: 10.1111/joes.12121.

2015:

  • Jacquet, L. and D. Van de gaer, 2015, “Politiques fiscales optimales pour les bas revenus et principe de compensation”, Revue Economique, 66, 579-600.
  • Baert, S., B. Cockx, N. Gheyle and C. Vandamme, 2015, "Is there Less Discrimination in Occupations where Recruitment is Difficult” Industrial and Labor Relations Review, 68:3, 467-500.
  • Baert, S., D. Verhaest and E. Omey, 2015, "Mister Sandman, Bring Me Good Marks! On the Relationship Between Sleep Quality and Academic Achievement", Social Science and Medicine, 130, 91-98.
  • Baert, S. and E. Verhofstadt, 2015, "Labour market discrimination against former juvenile delinquents: evidence from a field experiment", Applied Economics, 47, 1061-1072.

2014:

  • Baert, S., 2014, "Career Lesbians. Getting Hired for Not Having Kids?", Industrial Relations, 45, 543-561.
  • Baert, S. and L. Decuypere, 2014, "Better sexy than flexy? A lab experiment assessing the impact of perceived attractiveness and personality traits on hiring decisions", Applied Economics Letters, 21, 597-601.
  • Baert, S. and A.-S. De Pauw, 2014, "Is Ethnic Discrimination due to Distaste or Statistics?", Economics Letters, 125, 270-273.
  • Baert, S., F. Heylen and D. Isebaert, 2014, Does homeownership lead to longer unemployment spells? The role of mortgage payments, De Economist, 162, 263-286.
  • Cockx B., C. Ghirelli and B. Van der Linden, 2014, “Is it Socially Efficient to Impose Job Search Requirements on Unemployed Benefit Claimants with Hyperbolic Preferences?”, Journal of Public Economics, 113, 80-95.
  • Everaert, G., 2014, “A Panel Analysis of the Fisher Effect with an Unobserved I(1) World Real Interest Rate”, Economic Modelling, 41, 198-210.
  • Everaert, G. and L. Pozzi, 2014, “The Predictability of Aggregate Consumption Growth in OECD Countries: A Panel Data Analysis”, Journal of Applied Econometrics, 29(3), 431-453.
  • Ruyssen, I., G. Everaert and G. Rayp, 2014, “Determinants and Dynamics of Migration to OECD Countries in a Three-Dimensional Panel Framework”, Empirical Economics, 46(1):175-197.
  • Van de gaer, D, J. Vandenbossche and J-L. Figueroa, 2014, “Children’s health opportunities and project evaluation: Mexico’s Oportunidades program”, World Bank Economic Review, 28, 282-310.

2013:

  • Cockx, B., 2013, "Youth Unemployment in Belgium. Diagnosis and Key Remedies", Intereconomics, 48(4), 202-209.
  • Baert, S. and B. Cockx, 2013, "Pure Ethnic Gaps in Educational Attainment and School to Work Transitions. When Do They Arise?", Economics of Education Review, 36, 276-294.
  • Baert, S., B. Cockx and D. Verhaest, 2013, “Overeducation at the Start of the Career: Stepping Stone or Trap?”, Labour Economics, 25, 123-140.
  • Cockx, B., and M. Picchio, 2013, "Scarring effects of remaining unemployed for long-term unemployed school-leavers, The Journal of the Royal Statistical Society: Series A (Statistics in Society), 176(4), 951-980.
  • Heylen, F. and R. Van de Kerckhove, 2013, "Employment by age, education, and economic growth: effects of fiscal policy composition in general equilibrium", B.E. Journal of Macroeconomics (Advances), vol.13.
  • Verhaest, D. and E. Omey, 2013, "The relationship between formal education and skill acquisition in young workers’ first jobs", The Manchester School, 81(4), 638-659
  • Cockx, B., Göbel C. and S. Robin, 2013, “Can Income Support for Part-Time Workers Serve as a Stepping Stone to Regular Jobs? An Application to Young Long-Term Unemployed Women”, Empirical Economics, Special Issue on the Estimation of Treatment Effects: Recent Developments and Applications.
  • Heylen, F., Hoebeeck, A. and T. Buyse, 2013, “Fiscal consolidation, institutions and institutional reform: a multivariate analysis of public debt dynamic”,European Journal of Political Economy, 31, 40-59.
  • Berger, T. and G. Everaert, 2013, "Is the Impact of Labour Taxes on Unemployment Asymmetric?" Macroeconomic Dynamics, 17:143-154.
  • Buyse, T., Heylen, F. and R. Van de Kerckhove, 2013, “Pension reform, employment by age, and long-run growth”, Journal of Population Economics, 26(2), 769-809.
  • Everaert, G., 2013, “Orthogonal to Backward Mean Transformation for Dynamic Panel Data Models”, The Econometrics Journal, 16(2), 179-221.
  • Decancq, K., Van Ootegem, L and Verhofstadt, E., 2013, "What if we voted on the weights of a multidimensional well-being index? An illustration with Flemish Data, Fiscal Studies, 34(3), 315-332.

2012:

  • Luttens, R.I. and M.-A. Valfort, 2012, "Voting for redistribution under desert-sensitive altruism",Scandinavian Journal of Economics.
  • Cockx, B. and M. Dejemeppe, 2012, "Monitoring job search effort: An evaluation based on a regression discontinuity design", Labour Economics, 19(5), 729-737.
  • Cockx, B. and M. Picchio, 2012, “Are Short-Lived Jobs Stepping Stones to Long-Lasting Jobs?”, Oxford Bulletin of Economics and Statistics, 74(5), 646-675.
  • Demuynck, T. and D. Van de gaer, 2012, "Inequality adjusted income growth", Economica, 79(316), 747-765.
  • Dumont, M. and G. Rayp, 2012, "The bargaining position of low-skilled and high-skilled workers in a globalising world", Labour Economics, 19(3), 312-319.
  • Verhaest, D. and E. Omey, 2012, "Overeducation, undereducation and earnings: Further evidence on the importance of ability and measurement error bias ", Journal of Labor Research, 33(1), 76-90.
  • Cockx Bart, Muriel Dejemeppe and Bruno Van der Linden, 2012, "Le contrôle de la recherche d'emploi est-il efficace ?", Revue française d'économie, XXVII(1), 65-106.
  • Van Ootegem, L. and E. Verhofstadt, 2012, “Using Capabilities as an alternative indicator for Well-being”, Social Indicators Research, 106(1), 133-152.

2011:

  • Jacquet, L. and D. Van de gaer, 2011, “A comparison of optimal tax policies when compensation or responsibility matter”, Journal of Public Economics, 95, 1248-1262.
  • Berger, T., 2011 "Estimating Europe's Natural Rates", Empirical Economics, 40(2), 521-536.
  • Berger, T. and F. Heylen, 2011, "Differences in hours worked in the OECD: institutions or fiscal policies?", Journal of Money, Credit and Banking, 43, 1333-1369.
  • Berger, T. and B. Kempa, 2011, "Bayesian Estimation of the Output Gap for a Small Open Economy: The Case of Canada", Economics Letters, 112(1), 107-112.
  • Boulhol, H., Dobbelaere, S. and S. Maioli, 2011, “Imports as Product and Labour Market Discipline”, British Journal Of Industrial Relations , 49, 331-361.
  • Cherchye, L., Demuynck, T. and B. De Rock, 2011, “Revealed Preference Analysis of Non-Cooperative Household Consumption”, Economic Journal, 121, 1073-1096. 
  • Meeusen, W., Stavrevska, V. and G. Rayp, 2011, “Efficiency wages, unemployment benefits and union-firm wage bargaining: The issue of the choice of the outside option”, Journal of Labor Research, 32, 75-86.
  • Picchio, M. and C. Mussida, 2011, “Gender wage gap: A semi-parametric approach with sample selection correction”, Labour Economics, 18, 564-578.
  • Picchio, M. and J. C. van Ours, 2011, “Market imperfections and firm-sponsored training”, Labour Economics, 18, 712-722.
  • Sys, C.,  Meersman, H. and E. Van de Voorde, 2011, “A non-structural test for competition in the container liner shipping industry”, Maritime Policy & Management, 38, 219-234.
  • Schluter, C. and D. Van de gaer, 2011, “Upward structural mobility, exchange mobility, and subgroup consistent mobility measurement: US-German mobility rankings revisited”, Review of Income and Wealth, 57, 1-22.
  • Schokkaert, E., Van Ootegem, L. and E. Verhofstadt, 2011, “Preferences and Subjective Satisfaction: Measuring Well-being on the Job for Policy Evaluation”, CESifo Economic Studies, 57, 683-714.
  • Van Ootegem, L. and E. Verhofstadt, 2011, “Using Capabilities as an alternative indicator for Well-being”, Social Indicators Research, 1-20.

2010:

  • Berger, T. and G. Everaert, 2010, "Labour Taxes and Unemployment: Evidence from a Panel Unobserved Component Model", Journal of Economic Dynamics and Control, 34(3), 354-364.
  • Cockx, B. and B. Van der Linden, 2010, "Flexicurity in Belgium: A reform proposal based on economic principles", International Labour Review, 149(3), 361-372.
  • Cockx, B., Robin, S. et C. Göbel, 2010, “Les effets sur l’emploi du complément de revenu au travail à temps partiel en Belgique: analyse économétrique sur un panel de jeunes chômeuses”, Revue Economique, 61, 299-312.
  • Dossche, M., F. Heylen and D. Van den Poel, 2010, "The kinked demand curve and price rigidity. Evidence from scanner data", The Scandinavian Journal of Economics, 112(4), 723-752.
  • Everaert, G., 2010, "Estimation and Inference in Time Series with Omitted I(1) Variables", Journal of Time Series Econometrics, Vol. 2: Iss. 2, Article 2.
  • Luttens, R.I., 2010, "Minimal rights based solidarity", Social Choice and Welfare, 34(1), 47-64.
  • Verhaest, D. and E. Omey, 2010, "The determinants of overeducation: different measures, different outcomes?", International Journal of Manpower, 31(6), 608-625
  • Verhaest, D. and E. Omey, 2010, "The measurement and determinants of skill acquisition in young workers’ first job", Economic and Industrial Democracy, 31(1), 116-149.

2009:

  • Benavente, J.M., S. Dobbelaere and J. Mairesse, 2009, "A Note on the Interaction between Product and Labour Market Power", Applied Economics Letters, 16(6), 573-577.
  • Berger, T. and G. Everaert, 2009, "A replication note on unemployment in the OECD since the 1960s: What do we know?", Empirical Economics, 36(2), 479-485.
  • Sys, C.,  Meersman, H. and E. Van de Voorde, 2011, “A non-structural test for competition in the container liner shipping industry”, Maritime Policy & Management, 38, 219-234.
  • Demuynck T., 2009, "Absolute and relative time-consistent revealed preferences," Theory and Decision, 66, p.283-299
  • Demuynck T. and Lauwers L., 2009, "Nash rationalization of collective choice over lotteries," Mathematical Social Sciences, 57, p.1-15
  • Demuynck T., 2009, "A General Extension Result with Applications to Convexity, Homotheticity and Monotonicity," Mathematical Social Sciences, 57, p.96-109
  • Dhont, T., and F. Heylen, 2009, "Employment and growth in Europe and the US: the role of fiscal policy composition", Oxford Economic Papers, 61, 538-565.
  • Schollaert, A. and D. Van de gaer, 2009, "Natural resources and internal conflict", Environmental and Resource Economics, 44, 145-165.
  • Verhaest, D. and E. Omey,"Objective overeducation and worker well-being: a shadow price approach", Journal of Economic Psychology,, 30(3), 469-481.
  • Verhofstadt, E. , H. De Witte and E. Omey, "Demand, control and its relationship with job mobility among young workers", Economic and Industrial Democracy, 30(2), 269-296.

2008:

  • Sys C., G. Blauwens, E. Omey, E. Van De Voorde and F. Witlox, 2008, “In search of the link between ship size and operations”, Transportation Planning and Technology, (31)4, 435-463.
  • Vanoverberghe J., D. Verhaest, E. Verhofstadt and E. Omey, 2008, “The transition from school to work in Flanders: a duration analysis”, Journal of Education and Work, 21(4), 317-331.
  • Cornille, D. and M Dossche, 2008, "Some Evidence on the Adjustment of Producer Prices",The Scandinavian Journal of Economics, 110(3), 489–518,
  • Peersman, G. and L. Pozzi, "Business Cycle Fluctuations and Excess Sensitivity of Private Consumption", Economica, 75(299), 514-523.
  • Gobbin, N. and G. Rayp: "Different ways of looking at old issues: a time series approach to inequality and growth", Applied Economics, 40(7), 885-895.
  • Dhont, T., and F. Heylen, 2008, "Why do Europeans work (much) less? It is taxes and government spending", Economic Inquiry, 46(2), 197-207.
  • Vanoverberghe J., D. Verhaest, E. Verhofstadt and E. Omey, 2008, “The transition from school to work in Flanders: a duration analysis”, Journal of Education and Work, 21(4), 317-331.
  • Berger, T. and G. Everaert, 2008, "Unemployment Persistence and the NAIRU: A Bayesian Approach", Scottisch Journal of Political Economy, 55(3), 282-299.
  • Schollaert, A. and D. Van de gaer, 2008, "Boycotts, Power Politics, or Trust Building: How to Prevent Conflict?", Journal of Institutional and Theoretical Economics, 164(2), 356-379.

2007:

  • Pozzi, L. and G. Malengier, 2007, "Certainty equivalence and the excess sensitivity of private consumption", Journal of Money, Credit and Banking, 39(7), 1839-1848.
  • Luttens, R.I. and E. Ooghe, 2007, "Is it fair to 'make work pay'?", Economica, 74, 599-626.
  • Heylen, F., and L. Pozzi, 2007, "Crises and human capital accumulation", Canadian Journal of Economics, 40, p. 1261-1285.
  • Gobbin, N., G. Rayp and D. Van de gaer, 2007, “Inequality and growth: from micro theory to macro empirics”, Scottish Journal of Political Economy, 508-530.
  • De Witte H., E. Verhofstadt and E. Omey E., 2007, "Testing Karasek's learning and strain hypotheses on young workers in their first job", Work&Stress, 21(2), 131-141.
  • Verhofstadt, E. , H. De Witte and E. Omey, 2007, "Higher educated workers: better jobs but less satisfied?", International Journal of Manpower, 28(2), 135-151.
  • Rayp, G. and N. Van de Sijpe, 2007, "Measuring and Explaining Government Efficiency in Developing Countries", Journal of Development Studies, 43(2), 360-381.
  • Everaert, G. and L. Pozzi, 2007, "Bootstrap Based Bias Correction for Dynamic Panels", Journal of Economic Dynamics and Control, 31, 1160-1184.
  • O'Neill, D., O. Sweetman and D. Van de gaer, 2007, "The effects of measurement error and omitted variables when using transition matrices to measure intergenerational mobility", Journal of Economic Inequality, 5, 159-178.
  • Luttens, R.I. and D. Van de gaer, 2007, "Lorenz dominance and non-welfaristic redistribution", Social Choice and Welfare, 28, 281-302.
  • Ooghe, E., E. Schokkaert and D. Van de Gaer, 2007, "Equality of opportunity versus equality of opportunity sets", Social Choice and Welfare, 28, 209-230.

2006:

  • Pozzi, L., 2006, "Ricardian Equivalence under Imperfect Information ", Journal of Public Economics, 90(10-11), 2009-2026.
  • Verhaest, D. and E. Omey, 2006, "Discriminating between alternative measures of overeducation", Applied Economics, 38(18), 2113-2120.
  • Verhaest, D. and E. Omey, 2006, "Measuring the incidence of over- and undereducation", Quality & Quantity, 40(5), 783-803.
  • Verhaest, D and E. Omey, 2006, "The impact of overeducation and its measurement", Social Indicators Research, 77(3), 419-448.
  • O’Neill, D., O. Sweetman and D. Van de gaer, 2006, “The impact of cognitive skills on the distribution of the black-white wage gap”, Labour Economics, 13, 343-356.
  • Brock, E. and S. Dobbelaere, 2006, "Has International Trade affected Workers’ Bargaining Power ?", Review of World Economics - Weltwirtschaftliches Archiv, 142(2), 233-266.
  • Dumont, M., G. Rayp and P. Willeme, 2006, "Does Internationalization Affect Union Bargaining Power ? An Empirical Study for Five EU Countries", Oxford Economic Papers, 58(1), 77-102.

2005:

  • De Pelsmacker, P., L. Driesen and G. Rayp, “Do Consumers Care About Ethics ? Willingness-to-Pay for Fair-Trade Coffee”, Journal of Consumer Affairs, 39(2), 363-385.
  • Dumont, M., G. Rayp, O. Thas and P. Willeme, 2005, “Correcting Standard Errors in Two-Stage Estimation Procedures with Generated Regressands”, Oxford Bulletin of Economics and Statistics, 67(3).
  • Cuyvers, L., M. Dumont, G. Rayp and K. Stevens, 2005, “Home Employment Effects of EU Firms’ Activities in Emerging Central and Eastern European Countries”, Open Economies Review, 16(2)

2004:

  • Dobbelaere, S., 2004, "Estimation of Price-Cost Margins and Union Bargaining Power for Belgian Manufacturing", International Journal of Industrial Organization, 22(10), 1381-1398.
  • Dobbelaere, S., 2004, "Ownership, Firm Size and Rent Sharing in Bulgaria", Labour Economics, 11(2), 165-189.
  • Everaert, G. and F. Heylen, 2004, “Public capital and long-run labour market performance in Belgium”, Journal of Policy Modeling, 26, 95-112.
  • Pozzi, L., Heylen, F. and M. Dossche, 2004, "Government debt and the excess sensitivity of private consumption to current income: an empirical analysis for OECD countries", Economic Inquiry, 42, 618-633.
  • Schokkaert, E., Van de gaer, D., Vandenbroucke, F. and Luttens, R.I., 2004, "Responsibility sensitive egalitarianism and optimal linear income taxation", Mathematical Social Sciences, 48(2), 151-182.

2003:

  • Cuyvers L., Dumont M., Rayp G., Stevens K., 2003, “Wage and Employment Effects in the EU of International Trade with the Emerging Economies”, Weltwirtschaftliches Archiv, 134(2).
  • Cuyvers, L., M. Dumont and G. RaypP, 2003, “The Impact of International Trade with Asian Newly Industrialized Countries on Wages in the European Union”, Asian Economic Journal, 17 (4), 361-387.
  • Dobbelaere, S., 2003, "Insider Power and Wage Determination in Bulgaria - An Econometric Investigation", International Journal of Manpower, Special Issue: Competitive versus Non-Competitive Wage Differentials, 24(4), 399-425.
  • Everaert, G., 2003, “Balanced growth and public capital: an empirical analysis with I(2)-trends in capital stock data”, Economic Modelling, 20, 741-763.
  • Pozzi, L., 2003, "The coefficient of relative risk aversion: a Monte Carlo study investigating small sample estimator problems" Economic Modelling, 20(5), 923-940.
  • Pozzi, L., 2003, "Tax discounting in a high debt economy" Oxford Bulletin of Economics and Statistics, 65(3), 261-282.
  • van Aarle, B., H. Garretsen and N. Gobbin, "Monetary and fiscal policy transmission in the Euro-area: evidence from a structural VAR analysis", Journal of Economics and Business, 55, 609-638.
  • Verhaest, D. and E. Omey, 2003, "Overeducation in the transition from school to work: The case of Flanders", The Netherlands' Journal of Social Sciences, 39(3), 202-226.

2001:

  • Crisologo-Mendoza, L. and D. Van de gaer, 2001, “Population Growth and Customary Land Law: the Case of Cordillera Villages in the Philippines”, Economic Development and Cultural Change, 49, 631-658
  • Everaert, G., 2001, “Infrequent Large Shocks to Unemployment: New Evidence on Alternative Persistence Perspectives”, Labour: Review of Labour Economics and Industrial Relations, 15, 555-577.
  • Everaert, G. and F. Heylen, 2001, “Public Capital and Productivity Growth in Belgium,” Economic Modelling, 18, 97-116.
  • Gobbin, N. and B. van Aarle, 2001, “Fiscal adjustments and their effects during the transition to the EMU”, Public Choice, 109.
  • Van de gaer, D., Schokkaert, E. and M. Martinez, 2001, “Three meanings of intergenerational mobility”, Economica, 68, 519-537.

2000:

  • Gobbin, N. and B. Merlevede, 2000, “The Russian crisis: a debt perspective”, Post-Communist Economies, 12.
  • Heylen, F. and G. Everaert, 2000, “Success and failure of fiscal consolidation in the OECD: a multivariate analysis,” Public Choice, 105, 103-124.

1999:

  • Bossert, W., Fleurbaey, M. and D. Van de gaer, 1999, “Responsibility, Talent and Compensation: a Second Best Analysis”, Review of Economic Design, 4, 35-55.
  • Van de gaer, D., Funnell, N. and T. McCarthy, 1999, “Statistical Inference for Two Measures of Inequality when Incomes are Correlated”, Economics Letters, 64, 295-300.

1998:

  • Rayp, G., 1998, “An Empirical Test of the Dixit-Norman Approach to Factor Price Equalization, Using Co-integration Techniques’, Weltwirtschaftliches Archiv, 134(3), 484-513.

1997:

  • Van de gaer, D., E. Schokkaert and G. De Bruyne, 1997, “Inequality Aversion, Macroeconomic Objectives and the Marginal Welfare Cost of Indirect Taxation”, European Journal of Political Economy, 13, 315-341.

1996:

  • Heylen, F. and A. Van Poeck, 1996, "Central bank independence: only part of the inflation story", De Economist, 144(1), 45-61
  • Heylen, F., Goubert, L. and E. Omey, 1996, "Unemployment in Europe: a problem of relative or aggregate demand for labour?", International Labour Review, 135(1), 17-36.

1995:

  • Cuyvers, L., De Pelsmacker, P., Rayp, G. and I. Roozen, 1995, “A Decision Support Model for the Planning and the Assessment of Export Promotion Activities: the Belgian Case” International Journal of Research in Marketing, 12, 173-186.
  • De Pelsmacker, P., Cuyvers, L. and G. Rayp, 1995, “Japanese and Western Companies in Belgium : A Quantitative Analysis of Management Styles in Belgium,” Journal of Euro-Asian Management, 1(1), 65-83.
  • Heylen, F. and A. Van Poeck, 1995, "National labour market institutions and the European Economic and Monetary Integration process", Journal of Common Market Studies, 33(4), 573-595.
  • Heylen, F., 1995, "Institutions and the rise of taxes on labour in the OECD", Weltwirtschaftliches Archiv, 131(4), 623-654.
  • Heylen, F., Van Poeck, A. and J. Van Gompel, 1995, "Real versus nominal convergence. National labour markets and the European integration process", Labour, 9(1), 97-119.

1993:

  • Heylen, F., 1993, "Labour market structures, labour market policy and wage formation in the OECD", Labour, 7(2), 25-51.

1992:

  • Van de gaer, D., E. Schokkaert and G. De Bruyne, 1992, “Marginal Tax Reform in Different Macro-economic Regimes”, Public Finance / Finances Publiques, 47, supplement, 256-270.

1991:

  • Bettendorf, L. and D. Van de gaer, 1991, “Dynamic Portfolio Models”, Economic and Financial Computing, 1, 291-301.