are the computation of the density of the capital stock in the neoclassical growth model and the computation of the wealth density in an incomplete market economy.

This paper studies the income fluctuation problem without imposing bounds on utility, assets, income or consumption. We prove that the Coleman operator is a contraction mapping over the natural class of candidate consumption policies when endowed with a metric that evaluates consumption...

The look-ahead estimator is used to compute densities associated with Markov processes via simulation. We study a framework that extends the look-ahead estimator to a much broader range of applications. We provide a general asymptotic theory for the estimator, where both L1 consistency and L2...

A potential benefit of a large market (GDP) is a large number of locally-produced varieties. We attempt to quantify the number of varieties produced in a market by counting the number of firms and plants. Looking at manufacturing industries across countries and over time, we find that variety...

The problem of estimating the common regression coefficients is addressed in this paper for two regression equations with possibly different error variances. The feasible generalized least squares (FGLS) estimators have been believed to be admissible within the class of unbiased estimators. It...

Banks are recognized as playing an important role of monitoring borrowers, thereby reducing the agency costs associated with informational asymmetry. However, there remains an issue "who could monitor the banks", because it is difficult for outsiders to monitor banks' management. In particular,...

Economic development in Southeast Asia has been associated with environmental degradation. Its cause is mainly attributed to rapid industrialization, coupled with urbanization and export growth, whereas the vicious circle of the poverty and the contamination is a minor case. The environmental...

The purpose of this paper is to examine the chronic poverty problems in Metro Manila, based on the NSO data and the participant observations in a squatters area. Indeed, we can recognize the improvement in the poverty incidence in M. M. during the 1990s, but the level of the alleviation may tend...

The purpose of this paper is to investigate how seasonal fluctuations in preference may change the dynamic stability and make multiple equilibria more likely outcome in a standard monetary economy. In the analysis, we investigate a model of money-in-the-utility function where real money balances...