This paper presents a framework for estimating non-Walrasian models with many markets based on the virtual price approach in Lee (1986). The paper discusses an open economy multi-market non-Walrasian model with many agents and government production. The modeling of the labor markets is built on...

This paper presents a framework for estimating non-Walrasian models with many markets based on the virtual price approach in Lee (1986). The paper discusses an open economy multi-market non-Walrasian model with many agents and government production. The modeling of the labor markets is built on...

Since its appearance mobile telephony has shown a remarkably fast diffusion pattern in most advanced countries. This paper investigates technological and economic factors that have influenced the diffusion process of cellular phones, in particular the diffusion speed and the upper limit. The...

Within a macroeconomic disequilibrium model it turns out that stationary and simple adaptive policies are not capable of stabilizing efficient steady states and lead to periodic or irregular fluctuations for large sets of policy parameters. The application of recent control methods for chaotic...

This paper looks at the problem of performing likelihood inference for limited dependent processes. Throughout we use simulation to carry out either classical inference through a simulated score method (simulated EM algorithm) or Bayesian analysis. A common theme is to develop computationally...

A partial-observability model finds evidence of racial discrimination by retailers of consumer durables in apartheid South Africa. In particular, black households are 13 percentage points more likely to demand a hire/purchase loan but not to have one supplied than are other households, all else...

Monetary, fiscal and exchange intervention policy are examined in a symmetric, two-country, two-period model. Money wages are rigid in period one, causing unemployment. In each period there is a single world output, traded in a perfectly competitive world market. The exchange rate is flexible,...