This paper proposes conditions for the existence and uniqueness of solutions to systems of linear differential or algebraic equations with delays or advances, in which some variables may be non-predetermined. These conditions represent the counterpart to the Blanchard and Kahn conditions for the...

For deriving equilibrium of sticky-price/monopolistic competition New Keynesian models, first-order conditions are often used. This paper shows that they may not be sufficient and presents a case out of a simple model where there exists no equilibrium. This is true even when Taylor rule is assumed.

This paper presents a case where first-order conditions used for the Calvo sticky-price New Keynesian model is insufficient and in fact results in calculation of a wrong equilibrium.

Exploitation of non–renewable resources is an intensively studied field of environmental economics in the last century. Since the influential Hotelling’s paper a huge progress is made in the depletable resources literature. Although a variety of methodologies is used in that problem’s...

This paper studies models where the optimal response functions under consideration are non-increasing in endogenous variables, and weakly increasing in exogenous parameters. Such models include games with strategic substitutes, and include cases where additionally, some variables may be...

This study begins with an exposition of basic principles of the theory of Optimal Control as this is used in the development of the theory of Economic Growth. Then, a brief presentation of the Neoclassical Model of Economic Growth follows and two applications are presented. In the first, optimal...

The main objective of this paper is to propose an analytical framework to examine the foundations of the theory of efficient growth. The theory of efficient growth is a newly developed theory based on the principles of the neoclassical framework. It argues that an economy grows efficiently under...

Economic literature exhibits a variety of empirical structural impulse response function (SIRF) patterns in real consumption and real output due to changes in confidence or sentiment, with particular regard to the USA and the EA. This work replicates them in the orbit of a neo-Keynesian dynamic...

In the paper, a one-sector neoclassical model with stochastic growth has been constructed. The key concept of economic maturity is well-defined in the abstract model economy, and also a thorough characterization of the minimum time needed to economic maturity is supplied for the first time....