This paper studies the possibility that a “catching-up-with-the-Joneses” effect can cause indeterminacy. In an otherwise standard growth model with an external past consumption habit, we analytically show that a catching-up-with-the-Joneses effect is a possible source of indeterminacy. In the quantitative investigation, we use a calibrated version of the model with a CES utility and find that i...

In this article consumers need money to reduce their transaction costs. We highlight the existence of indeterminacy under a constant money growth within an endogenous growth framework. Real indeterminacy is avoided by an alternative monetary policy such as the interest pegging. The residual price indeterminacy is also ruled out if this monetary policy is completed by a non-Ricardian ...scal pol...

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 process of partitioning an image into some different meaningful regions with the homogeneous characteristics is called the image segmentation which is a crucial task in image analysis. This study presents an efficient scheme for unsupervised colour–texture image segmentation using neutrosophic set (NS) and nonsubsampled contourlet transform (NSCT). First, the image colour and texture inform...

We study equilibrium determination in an environment where two types of agents have different information sets: Fully informed observe histories all exogenous and endogenous variables. Less only a strict subset the full set need to solve dynamic signal extraction problem gather about variables they do not directly observe. Both know structure model form expectations rationally. In this environm...

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...

Since the world is full of indeterminacy, the neutrosophics found their place into contemporary research. We now introduce for the first time the notions of neutrosophic measure and neutrosophic integral. Neutrosophic Science means development and applications of neutrosophic logic/set/measure/integral/ probability etc. and their applications in any field. It is possible to define the neutrosop...

In endogenous growth theory models exist which are characterized by local and global indeterminacy. These concepts imply that economies differ with respect to their growth rates on the transition path (local indeterminacy) as well as their long−run growth rates (global indeterminacy). While the empirical density function of the levels of aggregate GDP has been the subject of a great many studie...

In the Appearance/Reality (AR) task some 3- and 4-year-old children make perseverative errors: they choose the same word for the appearance and the function of a deceptive object. Are these errors specific to the AR task, or signs of a general question-answering problem? Preschoolers completed five tasks: AR; simple successive forced-choice question pairs (QP); flexible naming of objects (FN); ...

A challenge to models of equilibrium indeterminacy based on increasing returns is that required increasing returns for generating indeterminacy can be implausibly large and rise quickly with the relative risk aversion in labor. We show that unsynchronized wage adjustment via a relative wage effect can both lower the required degree of increasing returns for indeterminacy to a plausible level an...