This paper introduces a new and computationally inexpensive method to test for uniqueness of equilibrium in exchange economies. ( 1999 Published by Elsevier Science B.V. All rights reserved. JEL classixcation: C63; C68; D58

In this paper we investigate the relevance of considering a large number of macroeconomic indicators to forecast the complete distribution of a variable. The baseline time series model is a semi-parametric specification based on the Quantile Auto-Regressive (QAR) model that assumes that the quantiles depend on the lagged values of the variable. We then augment the time series model with macroec...

An artificial neural network (hence after, ANN) is an informationprocessing paradigm that is inspired by the way biological nervous systems, such as the brain, process information. In previous two decades, ANN applications in economics and finance; for such tasks as pattern reorganization, and time series forecasting, have dramatically increased. Many central banks use forecasting models based ...

Much of the inflation forecasting literature examines the ability of macroeconomic indicators to accurately predict mean inflation. For the period after 1984, existing empirical evidence largely suggests that the likelihood of accurately predicting inflation using macroeconomic indicators is no better than a random walk model. We expand the scope of inflation predictability by exploring whether...

We propose a novel methodology for evaluating the accuracy of numerical solutions to dynamic economic models. Speci…cally, we construct a lower bound on the size of approximation errors. A small lower bound on errors is a necessary condition for accuracy: If a lower error bound is unacceptably large, then the actual approximation errors are even larger, and hence, we reject the hypothesis that ...

Block factor methods o¤er an attractive approach to forecasting with many predictors. These extract the information in these predictors into factors re‡ecting di¤erent blocks of variables (e.g. a price block, a housing block, a …nancial block, etc.). However, a forecasting model which simply includes all blocks as predictors risks being over-parameterized. Thus, it is desirable to use a methodo...