In this paper, a general model is provided to evaluate a stock when the dividend growth rate is a discrete variable. This new dividend valuation model assumes that the dividend growth rate follows a finite state discrete time semi-Markov chain. An important consequence is that prices become...

The use of equations to describe agent-based model dynamics allows access to mathematical theory that is not otherwise available. In particular, equation models can be effective at solving optimization problems—that is, problems concerning how an agent-based model can be most effectively...

Рассмотрена проблема большого числа локальных экстремумов, возникающих при использовании "прямых" методов идентификации параметров линейных динамических...

In the growth literature, evidence on income convergence is mixed. In the development literature, health and education indicators are also often used. This study examines whether health and education levels are converging across countries and calculates their convergence speed, using data from...

Chapter 1. Introduction -- Chapter 2. Finite Difference Equations and Systems of Difference Equations in Rational Expectations -- Chapter 3. Models of Representative Agents and Real Business Cycle Models -- Chapter 4. A Simplified Illustration of Numerical Solution Methods of DSGE Models With...

We study the almost periodic solutions of Euler equations and of some more general difference equations. We consider two different notions of almost periodic sequences, and we establish some relations between them. We build suitable sequences spaces and we prove some properties of these spaces....

This study addresses institutional representation in legislative delegations through the decomposition of the southern U.S. House delegation over time. Linear first-order difference equations are calculated to show the shift from the Solid South and the disintegration of Democratic dominance....

This paper examines how ratings for emerging market economies have been set. Given the high degree of autocorrelation in ratings, we use estimators that yield consistent parameters in the presence of such correlation. The results show that rating changes for emerging market economies have been...

The ongoing financial turmoil has triggered a lively debate on ways of containing systemic risk and lessening the likelihood of boom-and-bust episodes in credit markets. Particularly, it has been argued that banking regulation might attenuate procyclicality in lending standards by affecting the...