Staggered price-setting and staggered wage-setting are commonly viewed as similar mechanisms in generating persistent real effects of monetary shocks. In this paper, we distinguish the two mechanisms in a dynamic stochastic general equilibrium framework. We show that, although the dynamic pricesetting and wage-setting equations are alike, a key parameter governing persistence is linked to the u...

We analyse a single sector economy with H > 1 infinitely-lived agents that operate in a continuous-time framework. Utility functions are recursive but not additive. Both efficient and perfect foresight competitive equilibrium allocations are considered. The existence and stability of such allocations are investigated locally, i.e., in a neighbourhood of steady-state allocations. The model is sh...

This paper studies the impact of international labor migration on human capital investment in both hosting and sending countries using an integrated theoretical framework. We develop a two-country dynamic stochastic general equilibrium model with mobility, which decisions to migrate invest skill acquisition are endogenous. show that formation process origin is very sensitive policies implemente...

General discrete one-dimensional stochastic models to describe the transport of single molecules along coupled parallel lattices with period N are developed. Theoretical analysis that allows to calculate explicitly the steady-state dynamic properties of single molecules, such as mean velocity V and dispersion D, is presented for N=1 and N=2 models. For the systems with N>2 exact analytic expres...

We analyze reinforcement learning under so-called “dynamic reinforcement”. In reinforcement learning, each agent repeatedly interacts with an unknown environment (i.e., other agents), receives a reward, and updates the probabilities of its next action based on its own previous actions and received rewards. Unlike standard reinforcement learning, dynamic reinforcement uses a combination of long ...

We study the interaction of multiple large economies in dynamic stochastic general equilibrium. Each economy has a monetary policymaker that attempts to control the economy through the use of a linear nominal interest rate feedback rule. We show how the determinacy of worldwide equilibrium depends on the joint behavior of policymakers worldwide. We also show how indeterminacy exposes all econom...

the present study sustainable management of guilan saravan sylvan park was planned. the used method in the form of decision support model in three10-year period was studied for parks of various states and with considering the economic, ecological and social criteria during the years 2008 to 2038. by using hierarchical fuzzy analysis method, the reaching to an optimal level of economic, ecologic...

The use of foreign exchange intervention in an inflation-targeting framework raises the question regarding its role. In addition, environment volatile capital flows, how risk appetite investors might impact economy is worth exploring. This paper examines these issues for Indonesia by developing and estimating a dynamic stochastic general equilibrium model. study finds that affects macroeconomic ...