equation models represent an important class of macroeconomic systems. Our ongoing research (He and Barnett (2003)) on the Leeper and Sims (1994) Euler equations macroeconometric model is revealing the existence of singularity-induced bifurcations, when the model¡¯s parameters are within a...

We consider risk sharing problems with a single good and ?nite number of states. Agents have a common prior and their preferences are represented in the expected utility form and are risk averse. We study efficient and individually rational risk sharing rules satisfying strategy-proofness, the...

This paper studies the problem of allocating divisible resources among agents based on their characteristics. A simple example is the bankruptcy problem, which allocates the liquidation value of a bankrupted firm to creditors based on their claims. By allowing agents' characteristics to be...

This paper provides early assessments of current U.S. Nominal GDP growth, which has been con- sidered as a potential new monetary policy target. The nowcasts are computed using the exact amount of information that policy makers have available at the time predictions are made. However, real time...

This paper analyzes the dynamical properties of monetary models with regime switching. We start with the analysis of the evolution of inflation when policy is guided by a simple monetary rule where coe- cients switch with the policy regime. We rule out the possibility of a Hopf bifurcation and...