Ball and Mankiw (1995) use a static menu-cost model to explain the historical behaviour of the first and higher moments of commodity price changes in US producer prices. We show that when appropriately modified for a world of positive trend inflation and forward-looking behaviour by firms, the menu-cost model predicts a much weaker (possibly zero) correlation between the mean and the skewness o...

We consider the problem of planning preventive maintenance and overhaul for modules that occur in a fleet of assets such as trains or airplanes. Each type of module, or rotable, has its own maintenance program in which a maximum amount of time/usage between overhauls of a module is stipulated. Overhauls are performed in an overhaul workshop with limited capacity. The problem we study is to dete...

Microeconomic theory develops demand and supply curves to determine the market equilibrium for commodity exchange. The demand and supply functions are the result of consumers utilities and producers production functions for different product combinations. The interaction is a game-theoretic approach to determine the quantity and prices with which goods and services are traded. Economic theory w...

This paper presents a parsimonious equilibrium business cycle model with trade frictions in the product and labor markets. The model features unemployment and unsold production and its general equilibrium can be represented very simply: as the intersection of an aggregate supply and an aggregate demand, with product market tightness acting as a price. The aggregate supply represents the expecte...

Aggregate production planning (APP) is one of the most important issues carried out in manufacturing environments which seeks efficient planning, scheduling and coordination of all production activities that optimizes the company's objectives. In this paper, we develop a mixed integer linear programming (MILP) model for an integrated aggregate production planning system with closed loop supply ...

in this paper, i develop three forecasting models: namely structural, times series, and artificial neural networks; to forecast iranian inflation rates. the structural model uses aggregate demand and aggregate supply approach, the time series model is based on the standard arlma technique, and the artificial neural network applies multi-layer back propagation model the latter, which is rooted i...

aggregate production planning (app) is one of the most important issues carried out in manufacturing environments which seeks efficient planning, scheduling and coordination of all production activities that optimizes the company's objectives. in this paper, we develop a mixed integer linear programming (milp) model for an integrated aggregate production planning system with closed loop su...

The underground economy crucially affects growth and unemployment in both developed developing countries. Nevertheless, this widespread phenomenon does not appear the basic model for macroeconomic analysis, namely Aggregate Demand-Aggregate Supply (or simply AD-AS) model. Therefore, paper introduces–for first time, to best of our knowledge–the sector into popular AD-AS model, with aim increasin...