The problem of expectations in economic models is reviewed through the intellectual development of the author. Initial efforts at macroeconomic modeling such as Foley-Sidrauski (Foley and Sidrauski 1971) treated expectations as conditioning variables for representative agent stock demands and...

It is generally accepted that F.A. Hayek gave up the business cycle as an object of theoretical investigation following the publication of 1941's The Pure Theory of Capital. The present paper aims to cast a shade of doubt upon this received view. Many of Hayek's philosophical writings bear...

ILO pub-WEP pub-PREALC pub. Working paper describing the development of a general economic equilibrium basic needs econometric model using as a base the 1975 national accounting matrix of Ecuador - covers production factors, income distribution, savings, investment, trade, etc.; presents a...

The paper presents a brief review of spatial economy models known since the beginning of the XX century with special focus on the models offered by Prof. Granberg and further applied by the IEIE SB RAS for more than 40 years. Here we show what is supposed to be modified in these models for the...

Many regions, e.g. countries, have developed energy-economy models (such as MARKAL-MACRO, MM) to assess their energy policies, in particular concerning the curbing of their carbon dioxide CO<SUB align="right"><SMALL>2</SMALL></SUB>) emissions. To integrate regional MM models, we propose a multiregional MARKAL-MACRO (mMM) model. It...</small></sub>

In this paper, we develop an economic growth model taking into account two factors of production: fixed capital and labor force, to study the dynamics of GDP growth. The dependence of the output of these factors is described by a production function of the exponential type. Within the framework...