Financial data are as a rule asymmetric, although most econometric models are symmetric. This applies also to continuous-time models for high-frequency and irregularly spaced data. We discuss some asymmetric versions of the continuous-time GARCH model, concentrating then on the GJR-COGARCH. We calculate higher order moments and extend the first jump approximation. These results are prerequisite...

This paper introduces heterogeneous expectations into a New Keynesian model. Our primary theoretical contribution is to provide an aggregation result for a model with nominal rigidities and heterogeneous bounded rationality. We incorporate bounded rationality at the individual agent level and determine restrictions on expectations operators sufficient to imply aggregate IS and AS relations of t...

Interactive and automatic theorem proving are the two most widely used computerassisted theorem proving methods. Interactive proof tools such as HOL, Isabelle and PVS have been highly successful. They support expressive formalisms and have been used for verifying hardware, software, protocols, and so forth. Unfortunately interactive proof requires much effort from a skilled user. Many other too...