Showing 1 - 10 of 143
We study the optimal anticipated monetary policy in a flexible-price economy featuring heterogenous agents and incomplete markets, which give rise to a business cycle. In this setting money policy has distributional effects that depend on the state of the cycle. We parsimoniously characterize...
Persistent link: https://www.econbiz.de/10011083446
We study the optimal anticipated monetary policy in a flexible-price economy featuring heterogenous agents and incomplete markets which give rise to a business cycle. The optimal policy prescribes monetary expansions in recessions, when insurance is most needed by cash-poor unproductive agents....
Persistent link: https://www.econbiz.de/10010692898
We study the optimal anticipated monetary policy in a flexible-price economy featuring heterogenous agents and incomplete markets, which give rise to a business cycle. In this setting money policy has distributional effects that depend on the state of the cycle. We parsimoniously characterize...
Persistent link: https://www.econbiz.de/10010702297
We characterize policies for the supply of liquidity in an economy where agents have a precautionary savings motive due to random production opportunities and the presence of borrowing constraints. We show that a socially efficient provision of liquidity involves a trade-off between insurance...
Persistent link: https://www.econbiz.de/10011083781
We provide an analytical characterization of the optimal anticipated monetary policy in an economy where agents have a precautionary savings motive due to random production opportunities and the presence of borrowing constraints. Non storable production makes intrinsically useless outside money...
Persistent link: https://www.econbiz.de/10010902308
Persistent link: https://www.econbiz.de/10005537654
In this paper we propose a numerical approach for the solution of some optimalcontrol problems arising in the field of marketing decision models. Inparticular, we account for a specific innovation diffusion model. A numericalapproach may be useful to investigate some features of state variables...
Persistent link: https://www.econbiz.de/10005542319
We examine spatially explicit models described by reaction–diffusion partial differential equations for the study of predator–prey population dynamics. The numerical methods we propose are based on the coupling of a finite difference/element spatial discretization and a suitable partitioned...
Persistent link: https://www.econbiz.de/10011264192
This work deals with infinite horizon optimal growth models and uses the results in the Mercenier and Michel (1994a) paper as a starting point. Mercenier and Michel (1994a) provide a one-stage Runge-Kutta discretization of the above-mentioned models which preserves the steady state of the...
Persistent link: https://www.econbiz.de/10008462583
The objective of this paper is to estimate the elasticity of substitution in the demand for non-tradable goods relative to tradable goods in Argentina. This parameter plays a crucial role in the analysis of the macroeconomic equilibrium of a small open economy (Mendoza, Galindo and Izquierdo,...
Persistent link: https://www.econbiz.de/10005528666