The assumption of perfectly rational representative agents is commonly questioned. This paper explores the equilibrium properties of boundedly rational heterogeneous agents. We combine an adaptive learning process in a modified cobweb model within a Stackleberg framework. We assume that there is...

xi, 87 p. : ill. A print copy of this thesis is available through the UO Libraries. Search the library catalog for the location and call number.

Die neoklassische Kapitalmarkttheorie und die ihr zugeordneten Standard-Asset-Pricing-Modelle gehen grundsätzlich von homogenen Erwartungen der Marktteilnehmer aus. Erst der Kunstgriff dieser rigiden Prämisse ermöglicht die mathematisch einfache Herleitung von Marktgleichgewichten und das...

x, 132 p. : ill. A print copy of this thesis is available through the UO Libraries. Search the library catalog for the location and call number.

How fast transition should occur and how fast privatization and/or entry should take place in formerly socialist economies has been widely debated by economists. The field evidence on start-ups is mixed, with fragmentary data indicating that the performance of start-ups varies widely across...

This paper provides an adaptive learning algorithm for linear stochastic models with expectational leads in which forecasts for an arbitrary period ahead of the current state feed back into the economic system. The concept of an unbiased forecasting rule with generates rational expectations...

The purpose of this thesis is to argue that the core of a monetary economy is a network of triangular contracts between banks, firms, workers and capital goods suppliers. Not only does this network give rise to the creation and valuation of money but it is the organising feature of modern...

There is a general recognition that there are deficiencies in the Mundell-Fleming model. Nonetheless, Rose [2000] has stated that Mundell was the first to exposit the Policy Trilemma, which identifies an intrinsic incompatibility among: high capital mobility, fixed exchange rates, and monetary...

This paper compares the P-bar model of price adjustment with the currently dominant Calvo specification. Theoretically, the P-bar model is more attractive as it depends on adjustment costs for physical quantities rather than nominal prices, while incorporating a one-period information lag....

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on "frictional growth", describing the interplay between nominal frictions and money growth. When the money supply grows in the presence of price inertia (due to staggered wage contracts with time discounting), the...