Linear dynamic equilibrium correction mechanisms are shown to follow from the discretisation of continuous economic processes with steady-state solutions. In addition, the proposed procedure provides testable restrictions on the coefficients of the dynamic econometric model.

We describe a symbolic-numerical method for the Fourier stability analyses of difference initial-value problems approximating the initial-value problems for hyperbolic or parabolic PDEs. The Fourier method is reduced to the algebra of the resultants. We further use the REDUCE computer algebra...

Stability is one of the important properties of time-stepping numerical schemes that are used to approximate partial differential equations. Stability can be analyzed using Von Neumann stability analysis which is a Fourier method. The analysis results in the Von Neumann stability condition which...

We compare classical methods for singular perturbation problems, such as El-Mistikawy and Werle scheme and its modifications, to exponential spline collocation schemes. We discuss subtle differences that exist in applying this method to one dimensional reaction–diffusion problems and...

In the mid-eighties econometric forecasts and ex post simulations of private consumption in Norway began to show clear signs of "structural breakdown" .This evidence lends itself to two interpretations, distinct in their implications for econometric modelling of aggregate consumption. On the one...

Inflation targeting makes the Central Bank's conditional inflation forecast the operational target for monetary policy. Successful inflation targeting requires knowing the transmission mechanisms to inflation from shocks as well as instruments. The econometric implications are that the...

Estimates of the NAIRU are usually derived either from a Phillips curve or from a wage curve. This paper investigates the correspondence between the operational NAIRU-concepts and the steady state of a dynamic wage-price model. We derive the parameter restrictions that secure that...

The paper describes the influx of mathematical statistics in economics. It focuses on an approach to macroeconometric modelling which is based on fundamental statistical concepts like the joint distribution function of all observable variables for the whole sample period. The methodology relies...

Proton exchange membrane fuel cells (PEMFCs) are devices that attract the interest for a variety of applications including portable devices, transportation and stationary power. Several models are available in the literature concerning PEMFCs with different modelling approaches. In this paper,...

Power system dynamics studies involving fixed-speed wind turbines normally use a wind turbine model consisting of two lumped masses, an elastic coupling and a induction generator model which neglects stator transients. However, validations of this model with measured data are rarely reported in...