In this paper we derive the closed loop form of the Expected Optimal Feedback rule, sometimes called passive learning stochastic control, with time varying parameters. As such this paper extends the work of Kendrick (Stochastic control for economic models, <CitationRef CitationID="CR13">1981</CitationRef>; Stochastic control for economic...</citationref>

Empirical research indicates that learning-by-doing may be one of the main causes of falling production costs. A number of authors like Arrow, Fudenberg and Tirole, Dasgupta and Stiglitz, have focused on the theoretical implications of learning-by-doing. However, a complete framework...

Agent-based computational economics (ACE) combines elements from economics and computer science. In this paper, we focus on the relation between the evolutionary technique that is used and the economic problem that is modeled. In the field of ACE, economic simulations often derive parameter...

Our general goal in this paper is to show how to implement in GAMS standard deterministic nonlinear macro models, and stochastic linear macro models with rational expectations. We will also present basic concepts on solution methods and policy analysis for these kinds of models. As a practical...

In an earlier paper, i.e. Kendrick and Amman (A Taylor Rule for fiscal policy?, <CitationRef CitationID="CR9">2010</CitationRef>), we raised the question of whether adjusting fiscal policy more frequently than its current pace of once a year could be used to improve stabilization. Also, we proposed a method for shedding light on that...</citationref>