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Persistent link: https://www.econbiz.de/10005739799
We investigate an overlapping generations monetary economy in which agents'expectations depend upon backward looking predictors of the future price level.
Persistent link: https://www.econbiz.de/10005209389
We introduce an element of centralization in a random matching model of money that allows for private liabilities to …
Persistent link: https://www.econbiz.de/10005515496
A stable and predictable demand for money function is a pre-requisite for the use of targets for monetary aggregates as … themselves in the estimation of such money functions, empirical interest has been renewed over the last decade driven by the … belief that a stable long-run money demand relationship continues to exist. This revival of activity in this area was aided …
Persistent link: https://www.econbiz.de/10005486890
Persistent link: https://www.econbiz.de/10005828354
We obtain semiparametric efficiency bounds for estimation of a location parameter in a time series model where the innovations are stationary and ergodic conditionally symmetric marginale differences but otherwise prossess general depence and distributions of unknown from. We then describe an...
Persistent link: https://www.econbiz.de/10005808106
We address the problem of allocating indivisible goods and some amount of an infinitely divisible good among agents with equal rights on these resources. Our specific objective is to investigate the implications of the following requirement on allocation rules : when the preferences of some of...
Persistent link: https://www.econbiz.de/10005808109
In allocation problems of perfectly divisible goods, we study the equity property of 'no-domination', according to which no agent can receive strictly more of all goods than any other agent. We prove that no-domination is incompatible with Pareto efficiency, as soon as preferences are allowed to...
Persistent link: https://www.econbiz.de/10005808174
The Bank of Canada's new Quarterly Projection Model, QPM, Comnines the short-term dynamic properties necessary to support regular economic projections with the consistent behavioural structure necessary for policy analysis.
Persistent link: https://www.econbiz.de/10005808260
Complicated (chaotic), global, expectations-driven business cycles in two-dimensional models have been shown to involve non-trivial intersections of stable and unstable manifolds of a (periodic) saddle steady state. Whether similar phenomena may occur in other two-dimensional dynamic economic...
Persistent link: https://www.econbiz.de/10005811828