Showing papers in "Journal of Economic Dynamics and Control in 1983"

TL;DR: The General Algebraic Modeling System (GAMS), in use at the World Bank, is a possible solution that uses a language comprehensible by both people and computers and has automated most stages in the modeling process, thus making modeling quicker, cheaper, and less demanding of specialized skills, while reducing the likelihood of errors.

TL;DR: A tractable solution to the rotation problem for the stochastic model is exhibited, the effects of inputs which control the growth process are analyzed, and the results are illustrated with a multi-stage learning problem.

TL;DR: In this paper, the authors examined two non-cooperative open-loop solution concepts in a simple model of economic growth and distribution formulated as a differential game between workers who may save or consume, and capitalists, who may consume or invest.

TL;DR: In this paper, the authors present a solution to a diffusion process in which advertising has two goals, Awareness Creation and Trial Inducement, where the advertising time paths can be either monotonic or single peaked.

TL;DR: In this paper, a thorough analysis of economic growth, inflation and fluctuations resulting from the class struggle is presented, and an alternative extension of the model based on maximising the reduction in unit costs subject to Kaldor's technical progress function is also provided.

TL;DR: In this article, the equivalence of solution indeterminancies discussed by Blanchard and by Taylor with bubble solutions was shown. But this was only for the case of bubble solutions.

TL;DR: In this article, the analysis of the investment, price and advertising policies of two firms competing over time is presented as a differential game where each firm tries to maximize its net present value.

TL;DR: The difference between a model and a solution algorithm is discussed, the most common simulation algorithms are described from the perspective of information requirements, and the correlation between model formats and simulation algorithms is surveyed.

TL;DR: In this paper, the authors characterize optimal production over time when production cost is a decreasing function of past accumulated output, when production exhibits learning by doing and when monopolistic, competitive, and socially optimal solutions are considered.

TL;DR: In this article, the authors derived qualitative properties of the optimal policy for a class of nonlinear optimal control problems, which is characteristic of certain economic investment problems where two control instruments influence the rate of deterioration of a capital good.

TL;DR: In this paper, a dynamic programming argument is used to show that an increase in the utility discount factor increases the capital stock at each time, initially lowers consumption and eventually increases consumption as compared to the original program.

TL;DR: In this paper, the authors derived the dynamic optimal consumption and portfolio rules for a risk-averse international investor who consumes in fixed proportions goods produced in N different countries and holds the respective N currencies.

TL;DR: In this paper, the behavior of an expected-profit-maximizing multi-period firm under uncertainty in output and demand is studied, and the optimal policy is derived in an explicit closed form, and proved to be myopic.

TL;DR: Two generalized reduced gradient codes for solving and optimizing large non-linear implicitly defined econometric models are compared using a version of the Federal Reserve Board quarterly model, showing the Gauss-Seidel code to be faster.

TL;DR: In this article, the local stability properties of stationary points of the modified Hamiltonian dynamic system were investigated and it was shown that a Curvature Assumption, introduced by Rockafellar, is sufficient for an optimal steady state to possess the saddlepoint property.

TL;DR: In this article, the authors extended the results of the earlier work to a model in which it is not known with certainty to either agent what the profit functions would be after the entrant would come into the market.

TL;DR: This article examined the variability of the output-inflation tradeoff in the United States, Canada, and the United Kingdom over time using a stochastic coefficient regression model and showed that the tradeoff varies continuously over time.

TL;DR: In this article, the optimal product quality and advertising policies of a dominant firm or a group of joint profit-maximizing oligopolists were analyzed by analyzing the optimal elasticity of demand with respect to product quality.

TL;DR: In this paper, the authors examined the behaviour of a profit-maximizing firm which forecasts a recession and which has at its disposal to regulate its level of equipment and their level of employment, three control variables (investment, recruitment, firing) being held constant.

TL;DR: Pulse-fishing harvesting policies are shown to be optimal for a competitive firm managing a multicohort fishery subject to environmental disturbances as discussed by the authors, and they imply convergence to a unique, invariant probability distribution on cohort biomass levels and environmental disturbances, independent of the initial state of the system.

TL;DR: In this paper, a new concept of strict set stability is defined and applied to optimal growth models, and it is shown that under certain conditions optimal paths have a sufficiently small, strictly stable set.

TL;DR: In this paper, it was shown that the "sufficient" rank condition for perfect output controllability of a dynamical system of an open economy with rational expectations is not sufficient in general.

TL;DR: The purpose of the paper is to make both developers of modeling systems and of algorithms aware of each other's needs and problems, such that future cooperation can be improved.

TL;DR: In this article, a Fisherian interpretation of the real and neutral components of interest rates is provided under the assumption that anticipated inflation affects output primarily through its effect on real interest rates, and the cyclical behavior of these series is compared to the behavior of output and monetary growth.

TL;DR: This paper showed that increasing uncertainty about the impact multipliers will lead to a less vigorous optimal policy if certain reaction matrices commute, and used a better definition of policy vigour to show that increasing uncertainties always reduces vigour.

TL;DR: In this article, the authors investigate the stability of the Walrasian tâtonnement model in discrete time and show that conditions known to be sufficient for stability in continuous time are also sufficient in a discrete time formulation of the price adjustment mechanism.

TL;DR: In this paper, the authors apply the framework of optimal control theory to a nonlinear, multi-sectoral, price-endogenous planning model, where the mathematical structure of the model is that of maximization over a set of competitive equilibria.

TL;DR: In this paper, the authors analyse the optimal growth for an economy in the possession of an exhaustible resource when the economy's non-resource output is produced by means of capital and the utilization of the resource.

TL;DR: The Equation Writing External Language of MODULECO, a computer system for macro-economic modeling, adds multidimensional variables, sets of mnemonics, conditional expressions and equations, calls to internal and external functions and integrated documentation to the possibilities of other similar languages.