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Methods to Estimate Dynamic Stochastic General Equilibrium Models
(Université de Montréal. Département de sciences économiques., 2003)
This paper employs the one-sector Real Business Cycle model as a testing ground for four different procedures to estimate Dynamic Stochastic General Equilibrium (DSGE) models. The procedures are: 1 ) Maximum Likelihood, ...
The Backing of Government Debt and the Price Level
(Université de Montréal. Département de sciences économiques., 2003)
This paper studies the interdependence between fiscal and monetary policies, and their joint role in the determination of the price level. The government is characterized by a long-run fiscal policy rule whereby a given ...
Nonlinear Monetary Policy Rules: Some New Evidence for the U.S.
(Université de Montréal. Département de sciences économiques., 2003)
This paper derives optimal monetary policy rules in setups where certainty equivalence does not hold because either central bank preferences are not quadratic, and/or the aggregate supply relation is nonlinear. Analytical ...
Yesterday’s Games: Contingency Learning and the Growth of Public Spending, 1890-1938
(Université de Montréal. Département de sciences économiques., 2003)
Neither democracy nor globalization can explain the doubling of the peacetime public share in many Western countries between World Wars I and II. Here we examine two other explanations that are consistent with the timing ...
Explaining the Transition Between Exchange Rate Regimes
(Université de Montréal. Département de sciences économiques., 2003)
This paper studies the transition between exchange rate regimes using a Markov chain model with time-varying transition probabilities. The probabilities are parameterized as nonlinear functions of variables suggested by ...
Directed Technical Change and International Trade
(Université de Montréal. Département de sciences économiques., 2003)
Recent changes in comparative advantage in the largest OECD economies differ significantly from the predictions of Heckscher-Ohlin-Vanek theory. Japan's rising share of OECD machinery exports and the improvement in the ...
Explaining the Great Divergence: Medium and Message on the Eurasian Land Mass, 1700-1850
(Université de Montréal. Département de sciences économiques., 2003)
Between 1700 and 1850, per-capita income doubled in Europe while falling in the rest of Eurasia. Neither geography nor economic institutions can explain this sudden divergence. Here the consequences of differences in ...
Aversion Analysis
(Université de Montréal. Département de sciences économiques., 2003)
In this paper :
a) the consumer’s problem is studied over two periods, the second one involving S states, and the consumer being endowed with S+1 incomes and having access to N financial assets;
b) the consumer is then ...