1,721,026 research outputs found
Different modelling approaches for time lags in a monopoly
No full textThis chapter considers different modelling approaches to study nonlinear monopolies with a downward and concave demand function based on the model by Naimzada and Ricchiuti (Appl Math Comput 203:921-925, 2008). In particular, the article characterises the dynamics of continuous time models with delays related to several assumptions regarding the bounded rationality of the monopolist. Some results about global dynamics are also obtained through simulations
A Stylized Model for Long-Run Index Return Dynamics
Full text linkWe introduce a discrete-time model of stock index return dynamics grounded on the ability of Shiller’s Cyclically Adjusted Price-to-Earning ratio to predict long-horizon market performances. Specifically, we discuss a model in which returns are driven by a fundamental term and an autoregressive component perturbed by external random disturances. The autoregressive component arises from the agents’ belief that expected returns are higher in bullish markets than in bearish markets. The fundamental term, driven by the value towards which fundamentalists expect the current price should revert, varies in time and depends on the initial averaged price-to-earnings ratio. The actual stock price may deviate from the perceived reference level as a combined effect of an idyosyncratic noise component and local trends due to trading strategies. We demonstrate both analytically and by means of numerical experiments that the long-run behavior of our stylized dynamics agrees with empirical evidences reported in literature
Chapter 16 Inflation Targeting Policy in a Dynamic Keynesian Model with Debt Accumulation: A Japanese Perspective
No full textCyclical Fluctuations in Continuous Time Dynamic Optimization Models: Survey of General Theory and an Application to Dynamic Limit Pricing
No full textGrowth versus environment in dynamic models of capital accumulation
Full text linkIn this paper, we study the economic implications of the trade off between growth and environment in the context of dynamic models of capital accumulation. The collective solution is formulated in terms of dynamic optimization of the central planner, and the decentralized solution is formulated in terms of differential game between workers and capitalists. We compare the economic properties of two solutions
Significance of the Keynesian Legacy from a Theoretical Viewpoint: A High-Dimensional Macrodynamic Approach
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