This paper provides a unified framework for interpreting a wide range of interactions models which have appreared in the economic literature. The framework bears a close relationship to econometric models of descrete choice and therefore holds the potential for rendering interactions models...

This paper puts forth a concept of Adptivety Rational Equilibrium (A.R.E) where agents base decisions upon predictions of future values of endogenous variables whose actual values are determined by equilibrium equations.

This paper combines techniques drawn from the literature on evolutionary optimization algorithms along with bootstrap based statistical tests. Bootstrapping is used as a general framework for estimating objectives out of sample by redrawing subsets from a training sample. Evolution is used to...

A decade ago Fama and French (1998) estimated that 40% variations in stock returns was predictable over horizons of 3-5 years, which they attributed to a mean reverting stationary component in prices. While it has been clear that the Depression and war years exert a strong influence on these...

The exchange rate is the most important price in any economy, since it affects all other prices. Exchange rates are set, either directly or indirectly, by government policy. Exchange rates are also central to the global economy, for they profoundly influence all international economic activity....