This paper provides novel evidence on exchange rate expectations of both chartists and fundamentalists separately. These groups indeed form expectations differently. Chartists change their expectations more often; however, all professionals' expectations vary considerably as they generally...

Many economic models are completed by finding a parameter vector θ that optimizes a function f(θ), a task that can only be accomplished by iterating from a starting vector θ<Subscript>0</Subscript>. Use of a generic iterative optimizer to carry out this task can waste enormous amounts of computation when applied to...</subscript>

In this paper, we formalize the idea of human capital as the ability to follow and enforce the rules necessary for orderly conduct of economic transactions. People in the US and other developed countries stand in lines while waiting for the bus, etc., while in many developing countries lines...

In this paper, we argue that the condition of education and the economy of the low performing sub-Saharan African countries can be characterized as a stagnant steady state -- a "trap". We present a simple heterogeneous-agent model in which high costs of education relative to income and the skill...

Many economic models are completed by finding a parameter vector that optimizes a function f, a task that only be accomplished by iterating from a starting vector. Use of a generic iterative optimizer to carry out this task can waste enormous amounts of computation when applied to a class of...

An essential feature of Schumpeter’s business cycle theory is the attempt to explain the macrodynamics of an economy by means of innovative heterogeneous agents. It has been criticized for being theoretically inconsistent as well as for its lack of empirical confirmation. In particular, the...