There are many numerical algorithms to solve any problem. It is often difficult to compare competing algorithms since authors demonstrate their algorithms on different problems. In the numerical analysis literature, the typical approach to compare alternative algorithms is to develop a suite of...

In this paper we evaluate the impact of social security on capital accumulation and welfare in an environment with differential lifespan uncertainty and age-efficiency profiles induced by a generational `ability shock'. We construct a general equilibrium model populated with overlapping...

In this paper I investigate the relevance of the fiscal/monetary policy regime for dynamics of the price level in an open economy. I use the framework of fiscal theory of the price level, which offers a theoretical framework within which the price level is not determined solely by the actions of...

This paper reports the experience of using a GAUSS econometric package, GAUSS Programming for Econometricians and Financial Analysts (GPE), on the Internet/WWW for teaching and learning econometrics. GPE is a continuation of earlier LSQ project to include analysis moduls beyond linear least...

This paper investigates how parameter uncertainty affects the ability of the fiscal authority to attain its policy objectives. Our analysis is couched within a stochastic simulation framework wherein the fiscal authority seeks to control fluctuations in the debt / GDP ratio. The fiscal authority...

Using the framework of agent-based artificial stock markets, this paper addresses the two well-known properties frequently observed in financial markets, namely, price-volume relation and sunspots, from a bottom-up perspective. In spirit of ``bottom-up'', these two phenomena are pursued in a...

The collapse of some Asian financial markets in the wake of the floatation of the Thai bath in early July 1997 is the most recent of several episodes in the 1990's rekindling interest in both academic and policy circles in the potential causes and symptoms of financial crises. A key feature of...

In the present paper we study the behavior of the macroeconomic aggregates, asset prices and dividends in a real business cycle model with household heterogeneity and incomplete financial markets due to restricted asset trade. Apart from the incompleteness of markets, a second distortion is...

We study the global dynamic properties of stationary equilibria in discrete time deterministic models under bounded rationality. We assume agents' ability to learn from the past performance of their expectations formation mechanism, so that such mechanism itself is made endogenous. We determine...