The formation of the European Union (EU) is the one of the biggest political – economic events of the last 50 years. The aim of this study is to develop EU economy functioning system dynamic model. Main research method is system dynamics. General scheme of EU economy system dynamic model is...

Traditionally, the task of monetary management is usually performed by the monetary authority on behalf of government. However, a key challenge in monetary management is how to deal with uncertainty. Thus, the relevant policy questions must include how best the available instruments of monetary...

This note presents an algorithm for deriving first order conditions applicable to the most common optimisation problems encountered in dynamic stochastic models automatically. Given a symbolic library or a computer algebra system one can efficiently derive first order conditions which can then...

This article deals with the work carried out in Argentine institutions at the level of empirical economywide modeling, particularly in the fields of input-output and computable general equilibrium modeling, pointing out some limitations and proposing possible extensions.

By integrating the fiat money into the structural growth model in [1], this paper presents a dynamic model for the simulation study of interest rate. And the model is illustrated with a numerical example. The equilibria of the numerical example are also computed by the method in [2]. The...

We examine the effects on GNP for groups of countries after introducing different schemes of tradable CO2 emission rights. The analysis is based on a numerical general equilibrium model of the world economy. The development of prices and trade of energy carriers and emission rights are investigated.

The overlapping generations (OLG) model is an important framework for analyzing any type of question in which age cohorts are affected differently by exogenous shocks. However, as the dimensions and degree of heterogeneity in these models increase, the computational burden imposed by rational...

This work aims to study the main Brazilian economic growth influenced by an income transfer program. For this purpose, we used the DSGE approach. The estimation of the parameters was performed using the Bayesian methodology and analysis of results was done by impulse response functions. The...

The aim of this paper is to simulate profit expectations as an emergent property using an agent based model. The paper builds upon adaptive expectations, interactive expectations and small world networks, combining them into a single adaptive interactive profit expectations model (AIE)....

This study sheds new light on the question of whether or not sentiment surveys, and the expectations derived from them, are relevant to forecasting economic growth and stock returns, and whether they contain information that is orthogonal to macroeconomic and financial data. I examine 16...