Showing 1 - 10 of 281
We present a simple approach to transform a deterministic numerical model, where several agents simultaneously make decisions, into a stochastic model. This approach, which builds on scenario aggregation, a numerical method developed to solve decision problems under uncertainty, is used to build...
Persistent link: https://www.econbiz.de/10010328792
features of observed data and of forecasting one-period ahead output-gap and investment with a remarkable degree of accuracy. …
Persistent link: https://www.econbiz.de/10012141095
In this paper we examine the role of the design of behavioral rules in agent-based macroeconomic modeling. Based on clear theoretical foundations, we develop a general representation of the behavioral rules governing price and quantity decisions of firms and show how rules used in four main...
Persistent link: https://www.econbiz.de/10015166208
We propose a simple and powerful numerical algorithm to compute the transition process in continuous-time dynamic equilibrium models with rare events. In this paper we transform the dynamic system of stochastic differential equations into a system of functional differential equations of the...
Persistent link: https://www.econbiz.de/10010274762
We describe an algorithm that is able to compute the solution of a singular linear difference system under rational expectations. The algorithm uses the Generalized Schur Factorization and is illustrated by a simple example.
Persistent link: https://www.econbiz.de/10010275804
This paper introduces the probabilistic formulation of continuous-time economic models: forward stochastic differential equations (SDE) govern the dynamics of backward-looking variables, and backward SDEs capture that of forward-looking variables. Deep learning streamlines the search for the...
Persistent link: https://www.econbiz.de/10014345557
Many countries consider the lifting of restrictions of social contacts (RSC). We quantify the effects of RSC for Germany. We initially employ a purely statistical approach to predicting prevalence of COVID19 if RSC were upheld after April 20. We employ these findings and feed them into our...
Persistent link: https://www.econbiz.de/10012835655
features of observed data and of forecasting one-period ahead output-gap and investment with a remarkable degree of accuracy …
Persistent link: https://www.econbiz.de/10012860573
aggregates are time-varying, much of the literature on forecasting aggregates considers the case of linear aggregates with fixed … theoretical setup and the forecasting results. …
Persistent link: https://www.econbiz.de/10010270456
The oil and gas industry's early 2000's fracking and horizontal drilling revolution realigned the industry and larger economies. This study uses New Growth Theory to evaluate innovation across an industry with various integrated but distinct upstream, midstream, and downstream units. Two issues...
Persistent link: https://www.econbiz.de/10015211270