The single bootstrap already is popular in economics, though the double bootstrap has better convergence properties. We discuss the theory and implementation of the double bootstrap, both with and without the pivotal transformation, and give detailed examples of each. One example is a nonlinear...

Economic equilibrium computation has raised the issue of global optimization algorithms since economic equilibrium problems can be cast as a global optimization problem. However, nearly all conventional algorithms stop when they find a local optimum. Over the last decade a number of new...

The exact Gaussian estimation of complicated higher order continuous time econometric models from discrete stock and flow data has only recently been feasible given recent advances in computing processing power. In this paper we estimate a second order continuous time macroeconomic model of the...

In this report we present ASPEN, a new agent-based microeconomic simulation model of the U.S. economy being developed at Sandia National Laboratories (SNL). The model is notable because it allows a large number of individual economic agents to be modeled at a high level of detail and with a...

Since February 1997, Fair's large macroeconometric multi-country model has been freely available through the internet. In this article both the history and the use of the Fairmodel are discussed. The Fairmodel enables students to work with real data and it makes economic theory come to life. A...

The ADELAIS (Aide a la DEcision pour systemes Lineaires multicriteres par AIde a la Structuration des preferences), multiobjective linear programming system is proposed as a decision tool for the selection of stock portfolios. A portfolio selection model is developed and applied to a set of...

Our general goal in this paper is to show how to implement in GAMS standard deterministic nonlinear macro models, and stochastic linear macro models with rational expectations. We will also present basic concepts on solution methods and policy analysis for these kinds of models. As a practical...

This paper tests directly for deterministic chaos in a set of ten daily Sterling-denominated exchange rates by calculating the largest Lyapunov exponent. Although in an earlier paper, strong evidence of nonlinearity has been shown, chaotic tendencies are noticeably absent from all series...

We provide a discussion of bounded rationality learning behind traditional learning mechanisms, i.e., Recursive Ordinary Least Squares and Bayesian Learning. These mechanisms lack for many reasons a behavioral interpretation and, following the Simon criticism, they appear to be 'substantively...

We propose a form of semi-nonparametric regression based on wavelet analysis. Traditional time series methods usually involve either the time or the frequency domain, but wavelets can combine the information from both of these. While wavelet transforms are typically restricted to equally spaced...