This paper studies existence and uniqueness of equilibrium in a monetary model in which fiscal policy is Ricardian. The innovation of the paper is to model agents’ expectations as endogenous probabilities which are determined in equilibrium. Since economies with a Ricardian fiscal policy typically exhibit indeterminacy of equilibrium when the monetary policy instrument is the short-term interes...

This paper presents reinforcement learning with a Long Short-Term Memory recurrent neural network: RL-LSTM. Model-free RL-LSTM using Advantage( ) learning and directed exploration can solve non-Markovian tasks with long-term dependencies between relevant events. This is demonstrated in a T-maze task, as well as in a di cult variation of the pole balancing task.

A computational model is developed to study the effect of coupling of thermally activated and drag-dependent processes during dislocation motion through an array of obstacles in metals. The model explicitly includes three successive, reiterative stages typical of such motion: the thermally activated breakoff from an equilibrium position; accelerated drag-dependent motion; and the transition to ...

Since 2008 Fiat Group Automobiles has introduced Ergo-UAS system for the balancing of production lines and to detect ergonomic issues. Ergo-UAS system integrates 2 specific methods: MTM-UAS for time measurement and EAWS as ergonomic method to evaluate biomechanical effort for each workstation. Fiat is using a software system to manage time evaluation and ergo characterization of production cycl...

This paper estimates a dynamic empirical model for Japan’s business fixed investment. A multivariate cointegration analysis of Japan’s time series data over the past two decades shows that the term spread (the difference between long-term and short-term interest rates) and various diffusion indices in the Bank of Japan’s business survey tend to synchronise with fixed investment. The term spread...

We provide the empirical implementation of the term-structure model developed in Fornari and Mele (1998). This model is based on a continuous time economy exhibiting equilibrium dynamics to which most asymmetric ARCH models converge in distribution as the sample frequency gets in nite. We obtain estimates of the model’s parameters that are based on an indirect inference scheme in which such con...

and real-return expectations in Canada and the United States via a twocountry extension of the equilibrium term-structure model introduced by Longstaff and Schwartz (1992). This paper is part of a larger research agenda that attempts to link empirically the structure of equilibrium termstructure models to macroeconomic fundamentals in both the United States and Canada. If they can accurately me...

We build and estimate a recursive utility equilibrium model of the term structure of interest rates that prices consistently all risk factors that affect bonds. We contrast it with an arbitrage-free model, where prices of risk are estimated freely without preference constraints. In both models, nominal bond yields are affine functions of macroeconomic state variables. The equilibrium model acco...

It takes time for individuals to move from place to place. This travel time can be incorporated into metapopulation models via a delay in the interpatch migration term. Such a term has been shown to stabilize the positive equilibrium of the classical Lotka-Volterra predator-prey system with one species (either the predator or the prey) dispersing. We study a more realistic, Rosenzweig-MacArthur...

A kinetic equation is derived for the singlet distribution function for a heavy impurity in a lattice o f lighter atoms in a temperature gradient. In the one dimensional case the equation can be solved to find formal expressions for the jump probability and hence the heat o f transport, q*, for a single vacancy jump o f the impurity. <7* is the sum of the enthalpy of activation, a term involvin...