Upper and lower bounds are studied for the solutions of Markov renewal equations. Some of their special cases are derived under specific marginal conditons and in an alternating environment. The method to construct the bounds is also explained in detail. At the end, these bounds are applied to a...

Upper and lower bounds are studied for the solutions of Markov renewal equations. Some of their special cases are derived under specific marginal conditons and in an alternating environment. The method to construct the bounds is also explained in detail. At the end, these bounds are applied to a...

In this paper, mean-field reflected backward stochastic differential equations (MF-RBSDEs, for short) are introduced and studied. We prove the existence and uniqueness of solutions for MF-RBSDEs under the Lipschitz condition by a fixed point argument. Under monotone assumptions for coefficients,...

In this paper, we study one-dimensional reflected backward doubly stochastic differential equations (RBDSDEs) with one continuous barrier and discontinuous (left or right continuous) monotone generator. An existence theorem and a comparison theorem for solutions of the class of RBDSDEs are...

In this paper, a linear nonhomogeneous stochastic differential equation in Hilbert spaces is considered. Conditions for the existence of a stochastically bounded mild solution are found. The stationary case is also studied.

Despite macroeconomic evidence pointing to a negative aggregate consumption response due to political uncertainty, few papers have used microeconomic panel data to analyze how households adjust their consumption after an uncertainty shock. We study household savings and expenditure adjustment...

This paper contributes to the growing literature on modeling individual wage dynamics. I build and estimate an error component model of wage process jointly with a structural life-cycle model of job mobility in an economy with search friction and job-switching cost. Besides separating shocks by...

In 1998, Norway implemented the cash-for-care reform ("kontant stoette"), which provided cash to families with young children who did not use government-subsidized child care facilities. The reform resulted in a sizable exogenous change in the relative price of child care facilities, which...