Limited information capacity as a source of inertia

Article Abstract:

The basic idea from Information Theory, like time-dependent adjustment rule, is tried to embed into an economically interesting decision problem. The optimal inertia is unresponsive to and nonmonotonic in the predictability of the environment as the cost-effect moderates the benefit-effect on the value of information.

Cost benefit analysis

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Estimation of a generalized random-effects model: some ECME algorithms and Monte Carlo evidence

Article Abstract:

The derivation of ECME algorithms for computing maximum-likelihood estimates of a generalized random-effects model is carried out with an autoregressive remainder term. In effect, various estimators are compared with Monte Carlo experiments.

Monte Carlo method, Monte Carlo methods

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Calculating short-run adjustments: sensitivity to non-linearities in a representative agent framework

Article Abstract:

The magnitudes of errors that come about as a result of using a linear approximation to a well-known representative model are examined. This is done by employing a calibrated version of the Matsuyama model of a small open economy.

Open economy

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