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The Implications of Lower Down Payments on Consumption Volatility

Farr, Christopher; Luengo-Prado, Maria J. - Society for Computational Economics - SCE - 2001

We examine the effects of decreasing down payment requirements on consumption volatility within a model which generalizes the standard buffer-stock model of saving to accommodate durables, nondurables and a collateralized liquidity constraint. We consider both a version of the model without...

Persistent link: https://www.econbiz.de/10005345569

Learning and Endogenous Business Cycles in a Standard Growth Model

Cellarier, Laurent - Society for Computational Economics - SCE - 2005

Cyclical or chaotic competitive equilibria that do not exist under perfect foresight are shown to occur in a decentralized growth model under constant gain adaptive learning. This paper considers an economy populated by boundedly rational households making one-period ahead constant gain adaptive...

Persistent link: https://www.econbiz.de/10005537484

Bounded Rationality, Learning, and Business Cycles in a Standard Neoclassical Growth Model

Cellarier, Laurent - Society for Computational Economics - SCE - 2004

Bounded rationality is introduced into a standard growth model by assuming that households form one-period ahead least …

Persistent link: https://www.econbiz.de/10005537622

Investment and Discovery: Market coordination when investing in projects with endogenous payoffs

Goldbaum, David - Society for Computational Economics - SCE - 2002

Persistent link: https://www.econbiz.de/10005345398

MACRO AND MICRO DYNAMICS IN AN ARTIFICIAL SOCIETY: AN AGENT BASED APPROACH

Fent, Thomas - Society for Computational Economics - SCE

This paper deals with artificial agents buying and selling products in a virtual market of goods that may be substituted for each other. On the demand side the market features a homogenous group of agents whose dynamics are determined by three different scenarios. The supply side, on the other...

Persistent link: https://www.econbiz.de/10005345746

Complex Adaptive Equilibria in a Standard Overlapping Generations Model with Production

Cellarier, Laurent - Society for Computational Economics - SCE - 2002

Persistent link: https://www.econbiz.de/10005706605

Expected Bequests and Current Wealth in SHARE

Christelis, Dimitrios; Weber, Guglielmo - Society for Computational Economics - SCE - 2006

The life-cycle theory predicts that wealth should be fully annuitized to insure longevity risks. If annuity markets are … incomplete and elderly individuals face other risks (notably, health risks) wealth holdings will include other financial and real … assets. However, the life-cycle model under uncertainty does imply that non-annuitized wealth should be decumulated in old …

Persistent link: https://www.econbiz.de/10005537416

A Welfare Analysis of Progressive Tax and Transfer Policies: Is the Present System Better than the Flat Tax System?

Bhandari, Shailesh; Ph. D. - Society for Computational Economics - SCE - 2005

This paper is my ongoing research on welfare analysis using real business cycle approach. In this paper, I have modeled heterogeneous households with different income potential and paying different tax rates. The model incorporates progressive tax rates and computes its effects on the welfare of...

Persistent link: https://www.econbiz.de/10005343018

LESSONS ABOUT GROWTH, CONVERGENCE AND TRADE FROM ANALYTICAL AND NUMERICAL SOLUTIONS OF A 2x2 OVERLAPPING GENERATIONS MODEL FOR A GROWING-POPULATION ECONOMY

Sayan, Serdar; Jelassi, Mehdi - Society for Computational Economics - SCE - 2005

We study the time paths of different variables on the way to the analytically obtained long-run autarky equilibrium for a 2-sector, 2-factor overlapping generations economy under different initial conditions and parameter confÄ±gurations, and investigate implications of the initial conditions...

Persistent link: https://www.econbiz.de/10005537515

The Firm Size Distribution and Productivity Growth

Terajima, Yaz; Leung, Danny; Meh, Cesaire - Society for Computational Economics - SCE - 2006

Over the last 20 years, the annual average U.S. and Canadian productivity growth rates have been 2.3% and 1.3%, respectively. The objective of this paper is twofold. First, we empirically document the firm size distribution and the productivity for the two countries. Second, we quantitatively...

Persistent link: https://www.econbiz.de/10005537422