Models Canada's Pacific halibut fishery as a non-zero-sun non-co-operative differential game. Optimal harvesting level are derived under the criterion of profit maximization. Show that optimal aggregate steady-state fishing effort and yield increase with the number of fishermen harvesting the...

The behaviour of the Sterling/European Currency Unit (ECU) exchange rate is examined both during the time before Britain joined the European exchange rate mechanism (ERM) and during the time of Britain's membership. During the latter period, a GARCH (1, 1) model fits the data well but during the...

The standardised residuals from GARCH models fitted to three stock indices of the Athens Stock Exchange are examined for evidence of chaotic behaviour. In each case the correlation dimension is calculated for a range of embedding dimensions. The results do not support the hypothesis of chaotic...

In this paper, we embed the Taylor interest rate rule in a simple macroeconomic model with Calvo contracts. We contrast this with the case in which the interest rate is determined by the conventional LM curve along with a fixed value for the monetary aggregate. We derive conditions under which...

A simple model of inflation is proposed. The model is set in discrete time and consists of a demand for money equation, a government budget constraint, and two alternative mechanisms for the formation of expectations of the inflation rate--adaptive expectations and rational expectations. It is...

The standardised residuals from GARCH models fitted to three stock indices of the Athens Stock Exchange are examined for evidence of chaotic behaviour. In each case the correlation dimension is calculated for a range of embedding dimensions. The results do not support the hypothesis of chaotic...