Structural models are apowerful tool for business cycle and monetary analysis because they are invariant to either policy changes or external stocks. In this paper, we derive a sidrauski-type model in which both the demand and supply side are structural in the sense that the behavorial equations...

A general equilibrium model with consumer-producers, economies of specialization, and transaction costs is developed to explain the land price differential between the urban and rural areas by evolution in division of labor. It shows that as transaction conditions are improved, the equilibrium...

This paper provides an explanation for an important institutional feature of staggered time-dependent adjustment rules assumed in a number of macroeconomic models (Fischer, 1977; taylor, 1980; Blanchard, 1986).

This paper investigates the predictions of a simple optimizing model of nominal price rigidity for the aggregate price level and the dynamics of inflation. The author compares the model's predictions with those of a perfectly competitive, flexible price 'benchmark' model (corresponding to the...

This paper esplores the applicability of ARCH/ GARCH models to Australian financial structure data. In particular we focus on the extent to which the parameters of the models change over time by analysing the data contract. We find the results to vary over time and that simple models such as the...