Title:On the Evolutionary Selection of Sets of Nash Equilibria
Author(s):BALKENBORG, Dieter; SCHLAG, Karl H.Date:2007Type of Publication:ArticleAbstract:It is well established for evolutionary dynamics in asymmetric games that a pure strategy combination is asymptotically stable if and only if it is a strict Nash equilibrium. We use an extension of the notion of a strict ...
Title:On the Existence of A Beliefs Social Equilibrium
Author(s):FERNANDEZ DE CORDOBA MARTOS, GonzaloDate:1997Type of Publication:ArticleAbstract:This paper presents a result on the existence of a beliefs social equilibrium. This is a preliminary step to find a definition of equilibrium in economics that explicitly takes account of beliefs. (C) 1997 Elsevier Science S.A.
Title:On the Predictability of Time-Varying VAR and DSGE Models
Author(s):BEKIROS, Stelios D.; PACCAGNINI, AlessiaDate:2012Type of Publication:ArticleAbstract:Over the last few years, there has been a growing interest in DSGE modelling for predicting macroeconomic fluctuations and conducting quantitative policy analysis. Hybrid DSGE models have become popular for dealing with ...
Title:Openness and the Case for Flexible Exchange Rates
Author(s):CORSETTI, GiancarloDate:2006Type of Publication:ArticleAbstract:Models of stabilization in open economy traditionally emphasize the role of exchange rates as a substitute for nominal price flexibility in fostering relative price adjustment. This view has been recently criticized on the ...
Title:Optimal Information Transmission in Organizations: Search and Congestion
Author(s):ARENAS, Alex; CABRALES, Antonio; DANON, Leon; DIAZ-GUILERA, Albert; GUIMERA, Roger; VEGA-REDONDO, FernandoDate:2010Type of Publication:ArticleAbstract:We propose a stylized model of a problem-solving organization whose internal communication structure is given by a fixed network. Problems arrive randomly anywhere in this network and must find their way to their respective ...
Title:Optimal-Control of Input Output Systems Via Demand Management
Author(s):SACCO, Pier LuigiDate:1992Type of Publication:ArticleAbstract:This paper studies the optimal control of an input-output model with two sectors where the policy maker controls the level of final demand. It is found that the stationary point is hyperbolic and has a stable manifold of ...
Title:An Overview of the Crisis: Causes, Consequences and Solutions
Author(s):ALLEN, Franklin; CARLETTI, ElenaDate:2009Type of Publication:ArticleAbstract:What caused the crisis? Initially many thought that it was due to incentive problems in the U.S. mortgage industry. However, after the large economic meltdown following Lehman Brothers' bankruptcy in September 2008, it ...
Title:A Parametric Estimation Method for Dynamic Factor Models of Large Dimensions
Author(s):KAPETANIOS, George; MARCELLINO, MassimilianoDate:2009-01-01Type of Publication:ArticleAbstract:The estimation of dynamic factor models for large sets of variables has attracted considerable attention recently, because of the increased availability of large data sets. In this article we propose a new parametric ...
Title:Pareto Improving Financial Innovation in Incomplete Markets
Author(s):CASS, David; CITANNA, AlessandroDate:1998Type of Publication:ArticleAbstract:In this paper we develop a differential technique for investigating the welfare effects of financial innovation in incomplete markets. Utilizing this technique, and after parametrizing the standard competitive, pure-exchange ...
Title:Path Forecast Evaluation
Author(s):JORDÀ, Òscar; MARCELLINO, MassimilianoDate:2010Type of Publication:ArticleAbstract:A path forecast refers to the sequence of forecasts 1 to H periods into the future. A summary of the range of possible paths the predicted variable may follow for a given confidence level requires construction of simultaneous ...
Title:Peer Effects and Peer Avoidance: The Diffusion of Behavior in Coevolving Networks
Author(s):FOSCO, Constanza; MARSILI, Matteo; VEGA-REDONDO, FernandoDate:2010Type of Publication:ArticleAbstract:We study the long-run emergence of behavioral patterns in dynamic complex networks. Individuals can display two kinds of behavior: G(good) or B (bad). We assume that the exposure of a G agent to bad behavior on the part ...
Title:Performance Funding in Federal Agencies: A Case Study of a Federal Job Training Program
Author(s):COURTY, Pascal; MARSCHKE, GeraldDate:2003Type of Publication:ArticleAbstract:Our case study highlights important details that enter into developing performance contingent budgeting schemesdetails that do not emerge in more general discussions of the subjectand shows how the handling of these ...
Title:The Performance of the European Central Bank
Author(s):ARTIS, Michael J.Date:2005Type of Publication:ArticleAbstract:The European Monetary Union has been in operation since 1 January 1999. The paper offers an interim assessment of the operations of the European Central Bank (ECB) during this period. It describes how the ECB defined its ...