There are two competing theories of balance of payments: the Keynesian and the monetary theories. Each of the two approaches provides distinct explanations on how the determinants of the balance of payments could lead to equilibrium and disequilibrium of the balance of payments account and both...

The paper presents a correctnes proof as well as an implementation in maple of an algorithm to compute the value function of infinite horizon optimal control problems with a single state variable. It proceeds as follows: step1:compute candidates for equilibria(from the HJB); step2:for each...

This paper analyses the response of seven of the newly acceded countries (NACs)to EU supply and monetary shocks. A typical NAC perceives an EU technology disturbance as a positive supply shock and an EU monetary expansion as a negative demand shock. When we split the seven countries into two...

Over the past decade, questions over the impact of new information technologies on productivity growth trends have played an important role in the formulation of monetary policy, particularly in the United States and Canada. However, formal testing of whether the trend growth rate of aggregate...

Since early nineties, worldwide production and distribution of electricity has been characterized by a progressive liberalization. The state-owned monopolistic production of electricity has been substituted by organized power exchanges (PEs). PEs are markets which aggregate the effective supply...

In April 2003 the U.S. Federal Energy Regulatory Commission proposed the Wholesale Power Market Platform (WPMP) for common adoption by all U.S. wholesale power markets. The WPMP is a complicated market design envisioning day-ahead, real-time, and ancillary service markets maintained and operated...

Within the independent private-values paradigm, we derive the data-generating process of the winning bid for the last unit sold at multi-unit, sequential English auctions when bidder valuations are draws from different distributions; i.e., in the presence of asymmetries. When the identity of the...

In this paper, we specify a theoretical dynamic oligopoly model with regard to asymmetric firms. We then estimate a structural dynamic model of demand and pricing relations for the semiconductor industry. Using quarterly firm-level output and cost data as well as industry prices from 1974 to...