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The theoretical literature on tâtonnement processes leads to the conclusion that convergence is guaranteed only urrder fairly restrictive assumptions. Recently, however, large competitive equilibrium models have been successfully solved using algorithms inspired by tâtonnement processes .
This paper stresses the idea that a model builder has more freedom to set up the process than a theoretician, for whom only one assignment of prices to excess demand is reasonable; for computational purposes, any assignment is acceptable. The diagonal dominance criterion provides guidelines to set up such an assignment. It is used to show that even intractable examples of global instability can easily be solved . 相似文献
This paper stresses the idea that a model builder has more freedom to set up the process than a theoretician, for whom only one assignment of prices to excess demand is reasonable; for computational purposes, any assignment is acceptable. The diagonal dominance criterion provides guidelines to set up such an assignment. It is used to show that even intractable examples of global instability can easily be solved . 相似文献
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We use an extension of the equilibrium framework of Rubinstein ( 1976 ) and Brennan ( 1979 ) to derive an option valuation formula when the stock return volatility is both stochastic and systematic. Our formula incorporates a stochastic volatility process as well as a stochastic interest rate process in the valuation of options. If the “mean,” volatility, and “covariance” processes for the stock return and the consumption growth are predictable, our option valuation formula can be written in “preference-free” form. Further, many popular option valuation formulae in the literature can be written as special cases of our general formula. 相似文献
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This paper examines the experience of nine industrial countries with monetary targeting. The paper suggests that monetary targets were adopted as a tactical response to a particular economic situation, not as monetary rules. Other objectives were given precedence over targets when thought desirable. Most countries changed the targeted aggregate, and two dropped targets altogether. While inflation fell in most countries, the extent to which this was due to the pursuit of monetary targets is unclear. The place of monetary aggregates in many countries now appears to be as one among a number of indicators considered by the authorities in the setting of monetary policy. 相似文献
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