This paper studies the convergence problem of progressive Gaussian approximation filters (PGAFs). The convergence analysis of the PGAF is presented based on the Lyapunov method. It is proved that the estimation error is bounded when the convergence conditions hold. Based on the convergence...

A number of studies have shown that liquidity constraints on households enhance the efficacy of fiscal and monetary policies. However, liquidity constraints are always accompanied by saving constraints, with potential opposite effects on fiscal and monetary efficacy. Research differentiating...