Dynastic models common in macroeconomics use a single parameter to control the willingness of individuals to substitute consumption both intertemporally, or across periods, and intergenerationally, or across parents and their children. This paper defines the concept of Elasticity of...

Dominant paradigms of fertility choice either ignore or assume small, unchanging costof fertility limitation. Inspired by the historical English experience that is contrary to suchassumptions,we modify the Beckerian paradigm to incorporate costly, societal influence oncontraception. In the model...

We study production capacity utilization and emission permit utilization in a model where firms jointly produce a valued good and an environmental bad, pollution. Firms are ex ante identical but experience random productivity shocks after factor employment. A regulator imposes a cap-and-trade...

We study production capacity utilization and emission permit utilization in a model where firms jointly produce a valued good and an environmental bad, pollution. Firms are ex ante identical but experience random productivity shocks after factor employment. A regulator imposes a cap-and-trade...

 This publication presents results of a survey of Iowa farmland owners.  The results are contrasted with previous surveys to show changes in ownership patterns

The primary goal of these introductory notes is to promote the clear presentation and rigorous analysis of dynamic economic models, whether expressed in equation or agent-based form.  A secondary goal is to promote the use of state-space modeling with its respect for historical process, for...

Real-world decision-makers are forced to be locally constructive, in the sense that their actions are constrained by the interaction networks, limited information, and computational capabilities at their disposal.  This study poses the following question:  Suppose utility-seeking consumers and...

 

 This paper studies the choice of monetary policy regime in a small open economy underproductivity shocks and noise traders in forex markets. We focus on two simple rules: Â…xedexchange rates and in‡ation targeting. We contrast the above two rules against optimal policywith commitment....