This article studies optimal monetary policy when decision-makers in firms choose how much attention they devote to aggregate conditions. When the amount of attention that decision-makers in firms devote to aggregate conditions is exogenous, complete price stabilization is optimal only in response to shocks that cause efficient fluctuations under perfect information. When decision-makers in fir...

We outline a method to provide advice on optimal monetary policy while taking policymakers’ judgment into account. The method constructs optimal policy projections (OPPs) by extracting the judgment terms that allow a model, such as the Federal Reserve Board staff economic model, FRB/US, to reproduce a forecast, such as the Greenbook forecast. Given an intertemporal loss function that represents...

We consider the harvest of a certain proportion of a population that is modeled by an integro-difference equation. This model is discrete in time and continuous in the space variable. The dispersal of the population is modeled by an integral of the population density against a kernel function. The control is the harvest, and the goal is to maximize the profit. The optimal control is characteriz...

We re-examine optimal monetary policy when lump-sum taxes are unavailable. Under commitment, we show that, with alternative utility functions to that considered in Nicolini’s related analysis, the direction of the incentive to cheat may depend on the initial level of government debt, with low debt creating an incentive towards surprise deflation, but high debt the reverse. Under discretion, we ...

We present the idea of using potential infringements on annual allowable harvest targets as an approach to estimate threats from invasive species to the forest products sector. The approach uses present-day harvest levels as a reference level to estimate when and where the impact of a nonnative forest pest could become economically damaging. We use a generic model that simulates spread and dama...

this research follows two aims in case of the iranian economy. first, study of the presence of inflation persistency, and second, looking for an optimal monetary policy rule. results show that inflation in the economy of iran is persistent, in which, short-term and long-term effects of monetary policy should be considered. for this purpose, a loss function for the central bank with arguments of...

The paper presents the study of one prey one predator harvesting model with imprecise biological parameters. Due to the lack of precise numerical information of the biological parameters such as prey population growth rate, predator population decay rate and predation coefficients, we consider the model with imprecise data as form of an interval in nature. Many authors have studied prey-predato...

This paper deals with a discrete-time prey-predator system with Holling type-IV function response in the presence of some alternative food to predator and harvesting of prey species. By theoretical analysis and numerical simulation, comparing with the system without harvesting, ecological equilibrium point of the system is removed if harvesting effort is changed, and the appropriate harvesting ...

A multispecies harvesting model with interference is proposed. The model is based on Lotka-Volterra dynamics with two competing species which are affected not only by harvesting but also by the presence of a predator, the third species. In order to understand the dynamics of this complicated system, we choose to model the simplest possible predator response function in which the feeding rate of...