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Journal of hepatology Journal

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This paper estimates the importance of shocks to consumer misperceptions “noise shocks” for U.S. business cycle fluctuations. I embed imperfect information as in Lorenzoni (2009) into a Smets and Wouters (2007)-type DSGE model. Agents only observe aggregate productivity and a sig...
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Thierry Pujol
In optimal control or filtering problems one has to solve a matrix Riccati equation. In the economic literature, many papers appeared dealing with the existence and uniqueness of solutions to this equation. These papers generally make use of a well-known ‘backward’ algorithm. We ...
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We relate the existing first-order approaches for discrete- and continuous-time problems by considering continuous-time principal-agent problems as limiting cases of multi-period discrete-time formulations. Our multi-period discrete-time formulation gives an intuitive explanation...
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The paper considers the pricing decision of a monopolist firm having demand and costs exposed to nominal and real shocks which include both permanent and transitory changes. The firm obtains information through both price and quantity signals and the price equation is found by us...
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The cognitive sciences distinguish between symbolic and nonsymbolic problems. Here we consider problems that can be represented in terms of symbolic statements. We propose to represent a symbolic problem as a pair compaired of a partial structure and a theory, thereby situating t...
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We show that, in the control context analyzed by Granger (1988), the control variable is cointegrated with the dependent variable, as opposed to Granger's result. Moreover, we develop the error correction model relating them.
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H CHUMA
This paper clarifies how the loss of profits by quit-related work force disturbances and the endogeneity of the length of contracts play a critical role in determination of the compensation structure. Such a loss of profits is demonstrated to be a necessary and sufficient conditi...
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We study the problem of optimally controlling a randomly fluctuating inventory process when the control costs also vary randomly. If the inventory fluctuates as a Wiener process and price follows a Wald martingale, then the cost function generated by the cost-minimizing stationar...
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This paper explores the economic consequences of export instability by developing a stochastic optimal control model that is based on the maximizing behavior of a risk-averse representative agent. The model offers an analytical framework that can predict the consequences of expor...
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S Bosi,F Magris
It is well known from the literature that the introduction of liquidity constraints in infinite-horizon economies may be responsible for the occurrence of local indeterminacy and sunspot fluctuations. Yet, the question of the robustness of such phenomena when the constraints are ...
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This paper examines the role of monetary policy in an environment with aggregate risk and incomplete markets. In a two-period overlapping-generations model with aggregate uncertainty, optimal monetary policy attains the ex-ante Pareto optimal allocation. This policy aims to stabi...
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We consider a portfolio optimization problem for a short-term investor who faces an illiquid stock market. The illiquidity of this market results from a transitory price impact that is captured by the transaction costs that are convex in the number of shares traded by an investor...
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This paper considers Cournot competition in which duopolists play a quantity-setting game with sticky prices and capacity constraints, A feedback (subgame-perfect) equilibrium is derived and analyzed, With sufficient differentiability, the paper shows the existence and the unique...
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The paper examines the Nash bargaining equilibrium in a simple model of growth and distribution formulated as a differential game between workers, who may save or consume, and capitalists, who may consume or invest. Optimal threats announced by the social classes to affect the ne...
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The first three generations of software for mathematical programming were (1) coding of the simplex algorithm, (2) matrix generation programs, and (3) modeling languages. The fourth generation will provide improved knowledge-based and graphical interfaces to permit modeling by us...
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The effects of a temporary slowdown in the rate of expansion of money supply are studied under Ramsey-Lucas and money-superneutrality assumptions. It is shown that such a policy expands consumption and leads to capital decumulation and current-account deficits in the short run. T...
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The tug-o-war for supremacy between inflation targeting and monetary targeting is a classic, yet timely topic, in monetary economics. In this paper, we revisit this issue within the context of a pure-exchange, overlapping generations model in which spatial separation and random r...
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Tertiary education in the U.S. requires large investments that are risky, lumpy, and well-timed. Tertiary education is also heavily subsidized. By making the risk of human capital investment more acceptable, especially to low wealth households, subsidies may increase investment i...
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The zero lower bound and quantitative easing policies have rekindled interest in the link between monetary aggregates and the business cycle. This paper argues, on the basis of Bayesian time-varying coefficient VAR models that use Divisia indexes, that money is more closely linke...
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