We examine the accuracy of survey-based expectations of the Chilean exchange rate relative to the US dollar. Our out-of-sample analysis reveals that survey-based forecasts outperform the Driftless Random Walk (DRW) in terms of Mean Squared Prediction Error at several forecasting horizons. This...

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...

The recent discovery of the Ledenyov digital waves in the economies of scale and scope led to an origination of considerable scientific interest in the modeling of new types of the discrete-time digital signals generators for the business cycles generation in the macroeconomics. Article aims: 1)...

The recent discovery of the Ledenyov digital waves in the economies of scale and scope led to an origination of considerable scientific interest in the modeling of new types of the discrete-time digital signals generators for the business cycles generation in the macroeconomics. Article aims: 1)...

The information, including the knowledge in the science, business and society, is being generated, transmitted, received and analyzed by the humans in the various countries over the centuries. The information is a most valuable asset in possession by the economic agents in the modern economies...

The information, including the knowledge in the science, business and society, is being generated, transmitted, received and analyzed by the humans in the various countries for many centuries. The generated information can be structured, coded, stored and retrieved, representing a most valuable...

With non-controllable auto-regressive shocks, the welfare of Ramsey optimal policy is the solution of a single Ricatti equation of a linear quadratic regulator. The existing theory by Hansen and Sargent (2007) refers to an additional Sylvester equation but miss another equation for computing the...

This algorithm extends Ljungqvist and Sargent (2012) algorithm of Stackelberg dynamic game to the case of dynamic stochastic general equilibrium models including exogenous forcing variables. It is based Anderson, Hansen, McGrattan, Sargent (1996) discounted augmented linear quadratic regulator....

This article presents an algorithm that extends Ljungqvist and Sargent's (2012) dynamic Stackelberg game to the case of dynamic stochastic general equilibrium models including forcing variables. Its first step is the solution of the discounted augmented linear quadratic regulator as in Hansen...

The Modigliani stability condition states that the slope of the LM curve must be algebraically greater than that of the IS curve for economic stability to occur. This paper mathematically demonstrates that this theorem's validity does not necessarily guarantee stability for the macroeconomic...