This paper considers a general class of nonlinear rational-expectations models in which policymakers seek to maximize an objective function that may be household expected utility. We show how to derive a target criterion that is 1) consistent with the model's structural equations, 2) strong...

In Romania, the economic agents are used to excessively consume raw materials and energy without ensuring, in compensation, the corresponding added value. Thus, it is no wonder that the insolvency is a frequent phenomenon. Another problem of Romania’s economy is determined by the improper...

We consider dynamic congestion in an urban setting where trip origins are spatially distributed. All travelers must pass through a downtown bottleneck in order to reach their destination in the CBD. Each traveler chooses departure time to maximize general concave scheduling utility. We find...