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infringements. It gives promises for both solving fundamental problems of economic theory and creation of new directions and fields …
Persistent link: https://www.econbiz.de/10005124942
for the existence of market equilibrium. We assume that the production functions of the profit maximizing agents are …
Persistent link: https://www.econbiz.de/10005407584
the strategies chosen by their opponents, but also their set of admissible strategies. Debreu (1952) proves the existence … this note, we define the class of supermodular social games and give an existence theorem for this class of games. …
Persistent link: https://www.econbiz.de/10005062382
simulation. The appendices proves the existence of the (modified) normal and shifted log-normal LLM used in the pricing. The link …
Persistent link: https://www.econbiz.de/10005561602
In this note I show that there is a mistake in the proof of uniqueness in Engelbrecht-Wiggans, Milgrom and Weber’s seminal “Competitive Bidding and Proprietary Information” and provide a correct proof.
Persistent link: https://www.econbiz.de/10005118526
Monetary policy has been usually analyzed in the context of small macroeconomic models where central banks are allowed to exploit a limited amount of information. Under these frameworks, researchers typically derive the optimality of aggressive monetary rules, contrasting with the observed...
Persistent link: https://www.econbiz.de/10005412848
This paper applies the robust control approach to a simple positive theory of monetary policy, when the central bank …
Persistent link: https://www.econbiz.de/10005076788
This paper extends Svensson and Woodford’s (2003) partial information framework by allowing the private agents to achieve robustness against incomplete information about the structure of the economy by distorting their expectations in a particular direction. It shows how a linear rational...
Persistent link: https://www.econbiz.de/10005125627
We study the effects of model uncertainty in a simple New-Keynesian model using robust control techniques. Due to the simple model structure, we are able to find closed-form solutions for the robust control problem, analysing both instrument rules and targeting rules under different timing...
Persistent link: https://www.econbiz.de/10005126139
This paper applies the robust control approach to a simple positive theory of monetary policy, when the central bank …
Persistent link: https://www.econbiz.de/10005126304