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This paper provides first and second-order approximation methods for the solution of non-linear dynamic stochastic models in which the exogenous state variables follow conditionally-linear stochastic processes displaying time-varying risk. The first-order approximation is consistent with a...
Persistent link: https://www.econbiz.de/10008784736
Many new exporters give up exporting very shortly, despite substantial entry costs; others shoot up foreign sales and expand to new destinations. We develop a model based on experimentation to rationalize these and other dynamic patterns of exporting firms. We posit that individual export...
Persistent link: https://www.econbiz.de/10008692316
and uncertainty play a central role. At the heart of our story is a Federal Reserve that learns and then disregards the … favour a model where policy reacts to uncertainty over a model where uncertainty is ignored. The posterior likelihood is …
Persistent link: https://www.econbiz.de/10005114224