This paper shows that a neoclassical model with standard assumptions but endowed with an explicit age structure of the population, converges to its balanced growth path with damped oscillations. It therefore reproduces a trend-reverting process with short run fluctuations that is displayed by...

This paper examines the role of chartists and fundamentalists in the foreign exchange market. This question is studied using the Markov-Switching model of Vigfusson that we extend to test for the alternative domination of each group. The tests are applied to the Canadian, Japanese and German-US...