Journal of Economic Dynamics and Control

1979 - 2025

Current editor(s): J. Bullard, C. Chiarella, H. Dawid, C. H. Hommes, P. Klein and C. Otrok

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Volume 38, issue C, 2014

The (Un-) importance of Chapter 7 wealth exemption levels pp. 1-16

Jochen Mankart

Volatility and welfare pp. 17-36

Robert Lester, Michael Pries and Eric Sims

The short and long-run impact of globalization if firms differ in factor input ratios pp. 37-64

Julian Emami Namini

Dynamic asset allocation when bequests are luxury goods pp. 65-71

Jie Ding, Geoffrey Kingston and Sachi Purcal

The evolution of free trade networks pp. 72-86

Jin Zhang, Zhiwei Cui and Lei Zu

Recovering default risk from CDS spreads with a nonlinear filter pp. 87-104

Alexander Guarín López, Xiaoquan Liu and Wing Lon Ng

Age-dependent investing: Optimal funding and investment strategies in defined contribution pension plans when members are rational life cycle financial planners pp. 105-124

David Blake, Douglas Wright and Yumeng Zhang

Extracting market information from equity options with exponential Lévy processes pp. 125-141

Frank Fabozzi, Arturo Leccadito and Radu S. Tunaru

Computing equilibria in dynamic models with occasionally binding constraints pp. 142-160

Johannes Brumm and Michael Grill

Escape dynamics: A continuous-time approximation pp. 161-183

Dmitri Kolyuzhnov, Anna Bogomolova and Sergey Slobodyan

Monetary policy for rationally inattentive economies with staggered price setting pp. 184-208

Fang Zhang

Evaluating monetary policy under preferences with zero wealth effect: A Bayesian approach pp. 209-234

Jaya Dey

Endogenous specialization of heterogeneous innovative activities of firms under the technological spillovers pp. 235-249

Anton Bondarev

Myopic governments and welfare-enhancing debt limits pp. 250-265

Malte Rieth

How important is fiscal policy cooperation in a currency union? pp. 266-286

Eiji Okano

Volume 37, issue 12, 2013

Energy balance climate models and general equilibrium optimal mitigation policies pp. 2371-2396

William Brock, Gustav Engström, Dieter Grass and Anastasios Xepapadeas

Lending constraints, real estate prices and business cycles in emerging economies pp. 2397-2416

Raoul Minetti and Tao Peng

Option pricing with discrete time jump processes pp. 2417-2445

Dominique Guégan, Florian Ielpo and Hanjarivo Lalaharison

Experimental evidence of bank runs as pure coordination failures pp. 2446-2465

Jasmina Arifovic, Janet Hua Jiang and Yiping Xu

Social security and cross-country differences in hours: A general equilibrium analysis pp. 2466-2482

Johanna Wallenius

Evolution of repeated prisoner's dilemma play under logit dynamics pp. 2483-2499

Marius-Ionut Ochea

On the long-run relationship between inflation and output in a spatial overlapping generations model pp. 2500-2524

Niels Anthonisen

Debt stabilization games in the presence of risk premia pp. 2525-2546

Jacob Engwerda, Bas van Aarle, Joseph Plasmans and Arie Weeren

Long-term interest rates, risk premia and unconventional monetary policy pp. 2547-2561

Callum Jones and Mariano Kulish

Learning cycles in Bertrand competition with differentiated commodities and competing learning rules pp. 2562-2581

Mikhail Anufriev, Dávid Kopányi and Jan Tuinstra

Fiscal news and macroeconomic volatility pp. 2582-2601

Benjamin Born, Alexandra Peter and Johannes Pfeifer

Numerical solution of dynamic equilibrium models under Poisson uncertainty pp. 2602-2622

Olaf Posch and Timo Trimborn

Asset price dynamics with heterogeneous beliefs and local network interactions pp. 2623-2642

Valentyn Panchenko, Sergiy Gerasymchuk and Oleg V. Pavlov

Solving DSGE models with a nonlinear moving average pp. 2643-2667

Hong Lan and Alexander Meyer-Gohde

Demand for cash with intra-period endogenous consumption pp. 2668-2678

Avner Bar-ilan and Nancy Marion

Fiscal policy in good and bad times pp. 2679-2694

Bertrand Candelon and Lenard Lieb

Distressed exchange, bargaining power, and prior capital structure pp. 2695-2709

Sudipto Sarkar

Design limits and dynamic policy analysis pp. 2710-2728

William Brock, Steven Durlauf and Giacomo Rondina

From mind to market: A global, dynamic analysis of R&D pp. 2729-2754

Jeroen Hinloopen, Grega Smrkolj and Florian Wagener

Good luck or good policy? An expectational theory of macro volatility switches pp. 2755-2770

Gaetano Gaballo

The Taylor principle fights back, Part I pp. 2771-2795

Edward F. Buffie

Performance pay and changes in U.S. labor market dynamics pp. 2796-2813

Francesco Nucci and Marianna Riggi

Dynamic advertising and pricing with constant demand elasticities pp. 2814-2832

Kurt L. Helmes and Rainer Schlosser

Dynamic contracting under imperfect public information and asymmetric beliefs pp. 2833-2861

Yahel Giat and Ajay Subramanian

Monetary policy transmission in a model with animal spirits and house price booms and busts pp. 2862-2881

Peter Bofinger, Sebastian Debes, Johannes Gareis and Eric Mayer

Costly external finance and labor market dynamics pp. 2882-2912

Sanjay Chugh

World, country, and sector factors in international business cycles pp. 2913-2927

Aikaterini Karadimitropoulou and Miguel Leon-Ledesma

Structural estimation of stock market participation costs pp. 2928-2942

Natalia Khorunzhina

Portfolio selection in a data-rich environment pp. 2943-2962

Mohammed Bouaddi and Abderrahim Taamouti

On firm-level, industry-level, and aggregate employment fluctuations pp. 2963-2978

Miguel Casares

Optimal regime switching and threshold effects pp. 2979-2997

Raouf Boucekkine, Aude Pommeret and Fabien Prieur

Revisiting the effect of household size on consumption over the life-cycle pp. 2998-3011

Alexander Bick and Sekyu Choi

Skill-biased technological change and homeownership pp. 3012-3033

Alexis Anagnostopoulos, Orhan Atesagaoglu and Eva Carceles-Poveda

The Taylor principle in a medium-scale macroeconomic model pp. 3034-3043

Tommy Sveen and Lutz Weinke

Organizational dynamics and aggregate fluctuations: The role of financial relationships pp. 3044-3058

Keisuke Otsu and Masashi Saito

Volume 37, issue 11, 2013

Optimal dynamic tax evasion pp. 2157-2167

Rosella Levaggi and Francesco Menoncin

A family production overlapping generations economy pp. 2168-2179

Laurent Cellarier

Dynamic pricing for subscription services pp. 2180-2194

Gila E. Fruchter and Simon P. Sigué

Measuring and predicting heterogeneous recessions pp. 2195-2216

Cem Çakmaklı, Richard Paap and Dick van Dijk

Asset allocation over the life cycle: How much do taxes matter? pp. 2217-2240

Marcel Fischer, Holger Kraft and Claus Munk

Correlated risks vs contagion in stochastic transition models pp. 2241-2269

Patrick Gagliardini and Christian Gourieroux

The New Keynesian Phillips curve with myopic agents pp. 2270-2286

Andreas Orland and Michael Roos

Non-smooth dynamics and multiple equilibria in a Cournot–Ramsey model with endogenous markups pp. 2287-2306

Paulo Brito, Luis Costa and Huw Dixon

Pushing the limit? Fiscal policy in the European Monetary Union pp. 2307-2321

Betty Daniel and Christos Shiamptanis

A polyhedral approximation approach to concave numerical dynamic programming pp. 2322-2335

Kenichi Fukushima and Yuichiro Waki

A microfoundation for normalized CES production functions with factor-augmenting technical change pp. 2336-2350

Jakub Growiec

The bull and bear market model of Huang and Day: Some extensions and new results pp. 2351-2370

Fabio Tramontana, Frank Westerhoff and Laura Gardini

Volume 37, issue 10, 2013

Policy change and learning in the RBC model pp. 1947-1971

Kaushik Mitra, George Evans and Seppo Honkapohja

Dynamic pairs trading using the stochastic control approach pp. 1972-1981

Agnès Tourin and Raphael Yan

The intrinsic comparative dynamics of locally differentiable feedback Nash equilibria of autonomous and exponentially discounted infinite horizon differential games pp. 1982-1994

Michael Caputo and Chen Ling

Publish or teach? Analysis of the professor's optimal career path pp. 1995-2009

Fouad El Ouardighi, Konstantin Kogan and Radu Vranceanu

Strategy switching in the Japanese stock market pp. 2010-2022

Ryuichi Yamamoto and Hideaki Hirata

Returns to specialization, competition, population, and growth pp. 2023-2040

Alberto Bucci

Quality competition with motivated providers and sluggish demand pp. 2041-2061

Luigi Siciliani, Odd Rune Straume and Roberto Cellini

Fiscal deficits and current account deficits pp. 2062-2082

Michael Kumhof and Douglas Laxton

Growth and enduring epidemic diseases pp. 2083-2103

Clive Bell and Hans Gersbach

The impact of monetary policy on stock market bubbles and trading behavior: Evidence from the lab pp. 2104-2122

Urs Fischbacher, Thorsten Hens and Stefan Zeisberger

Fiscal policy, entry and capital accumulation: Hump-shaped responses pp. 2123-2155

Paulo Brito and Huw Dixon

Volume 37, issue 9, 2013

Non-separability and sectoral comovement in a sticky price model pp. 1715-1735

Kwang Hwan Kim and Munechika Katayama

Returns-to-scale and the equity premium puzzle pp. 1736-1754

Geoffrey Dunbar

The spillover effects of biofuel policy on participation in the conservation reserve program pp. 1755-1770

Feng Wu, Zhengfei Guan, Fan Yu and Robert Myers

Household debt and labor market fluctuations pp. 1771-1795

Javier Andrés, José Boscá and Javier Ferri

Search frictions, real wage rigidities and the optimal design of unemployment insurance pp. 1796-1813

Julien Albertini and Xavier Fairise

Heterogeneous response of disaggregate inflation to monetary policy regime change: The role of price stickiness pp. 1814-1832

Chi-Young Choi and Roisin O'Sullivan

Inter-generational effect of parental time and its policy implications pp. 1833-1851

Guozhong Zhu and Gulfer Vural

On the informational role of term structure in the US monetary policy rule pp. 1852-1871

Jesús Vázquez, Ramón Maria-Dolores and Juan-Miguel Londoño

Asymmetry in the jump-size distribution of the S&P 500: Evidence from equity and option markets pp. 1872-1888

Andreas Kaeck

Stability of the World Trade Web over time – An extinction analysis pp. 1889-1910

Nicholas J. Foti, Scott Pauls and Daniel N. Rockmore

Long-run risk and hidden growth persistence pp. 1911-1928

Michal Pakoš

The expected real return to equity pp. 1929-1946

Missaka Warusawitharana

Volume 37, issue 8, 2013

Modeling diverse expectations in an aggregated New Keynesian Model pp. 1403-1433

Mordecai Kurz, Giulia Piccillo and Howei Wu

Formation of rationally heterogeneous expectations pp. 1434-1452

Damjan Pfajfar

Monetary policy and asset prices with belief-driven fluctuations pp. 1453-1478

Marco Airaudo, Roberta Cardani and Kevin Lansing

The real consequences of financial stress pp. 1479-1499

Stefan Mittnik and Willi Semmler

Leaning against boom–bust cycles in credit and housing prices pp. 1500-1522

Luisa Lambertini, Caterina Mendicino and Maria Teresa Punzi

The impact of short-selling constraints on financial market stability in a heterogeneous agents model pp. 1523-1543

Mikhail Anufriev and Jan Tuinstra

The effectiveness of government debt for demand management: Sensitivity to monetary policy rules pp. 1544-1566

Guido Ascari and Neil Rankin

An assessment of the Stability and Growth Pact reform in a small-scale macro-framework pp. 1567-1580

Jerome Creel, Paul Hubert and Francesco Saraceno

Within and between systemic country risk. Theory and evidence from the sovereign crisis in Europe pp. 1581-1597

Angelo Baglioni and Umberto Cherubini

Income distribution, credit and fiscal policies in an agent-based Keynesian model pp. 1598-1625

Giovanni Dosi, Giorgio Fagiolo, Mauro Napoletano and Andrea Roventini

Leveraged network-based financial accelerator pp. 1626-1640

Luca Riccetti, Alberto Russo and Mauro Gallegati

Structural change and income distribution: An inverted-U relationship pp. 1641-1658

Fabrizio Patriarca and Francesco Vona

E Pluribus Unum: Macroeconomic modelling for multi-agent economies pp. 1659-1682

Tiziana Assenza and Domenico Delli Gatti

Economic complexity: Conceptual grounding of a new metrics for global competitiveness pp. 1683-1691

Andrea Tacchella, Matthieu Cristelli, G. Caldarelli, A. Gabrielli and L. Pietronero

Post-mortem examination of the international financial network pp. 1692-1713

Matteo Chinazzi, Giorgio Fagiolo, Javier Reyes and Stefano Schiavo

Volume 37, issue 7, 2013

Second-order approximation of dynamic models with time-varying risk pp. 1231-1247

Gianluca Benigno, Pierpaolo Benigno and Salvatore Nisticò

Optimal oil production and the world supply of oil pp. 1248-1263

Nikolay Aleksandrov, Raphael Espinoza and Lajos Gyurkó

The fiscal multiplier and spillover in a global liquidity trap pp. 1264-1283

Ippei Fujiwara and Kozo Ueda

Stochastic Stackelberg equilibria with applications to time-dependent newsvendor models pp. 1284-1299

Bernt Øksendal, Leif Sandal and Jan Ubøe

Modeling urban housing market dynamics: Can the socio-spatial segregation preserve some social diversity? pp. 1300-1321

Laetitia Gauvin, Annick Vignes and Jean-Pierre Nadal

Avoiding an ecological regime shift is sound economic policy pp. 1322-1341

Pim Heijnen and Florian Wagener

Practical policy iteration: Generic methods for obtaining rapid and tight bounds for Bermudan exotic derivatives using Monte Carlo simulation pp. 1342-1361

Christopher Beveridge, Mark Joshi and Robert Tang

Exchange rate expectations of chartists and fundamentalists pp. 1362-1383

Christian Dick and Lukas Menkhoff

Contagion and risk-sharing on the inter-bank market pp. 1384-1400

Daniel Ladley

Volume 37, issue 6, 2013

Public debt, discretionary policy, and inflation persistence pp. 1097-1109

Stefan Niemann, Paul Pichler and Gerhard Sorger

Life cycle asset allocation in the presence of housing and tax-deferred investing pp. 1110-1125

Marcel Marekwica, Alexander Schaefer and Steffen Sebastian

Expectational stability of sunspot equilibria in non-convex economies pp. 1126-1141

Bruce McGough, Qinglai Meng and Jianpo Xue

Pricing European and American options with two stochastic factors: A highly efficient radial basis function approach pp. 1142-1167

Luca Vincenzo Ballestra and Graziella Pacelli

Growth, agglomeration, and urban congestion pp. 1168-1181

Shota Fujishima

When to make proprietary software open source pp. 1182-1194

Jonathan P. Caulkins, Gustav Feichtinger, Dieter Grass, Richard F. Hartl, Peter Kort and Andrea Seidl

Zipf's law and maximum sustainable growth pp. 1195-1212

Yannick Malevergne, A. Saichev and D. Sornette

On the role of heuristics—Experimental evidence on inflation dynamics pp. 1213-1229

Johann Graf Lambsdorff, Manuel Schubert and Marcus Giamattei

Volume 37, issue 5, 2013

Targets for global climate policy: An overview pp. 911-928

Richard Tol

The role of non-convex costs in firms' investment and financial dynamics pp. 929-950

Santiago Bazdresch

Progressive taxation and macroeconomic (In) stability with productive government spending pp. 951-963

Shu-Hua Chen and Jang-Ting Guo

Optimal lending contracts with long run borrowing constraints pp. 964-983

Shuyun May Li

Optimal tax rules and addictive consumption pp. 984-1000

Luca Bossi, Paul Calcott and Vladimir Petkov

Asian and Australian options: A common perspective pp. 1001-1018

Christian-Oliver Ewald, Olaf Menkens and Sai Hung Marten Ting

A constructive geometrical approach to the uniqueness of Markov stationary equilibrium in stochastic games of intergenerational altruism pp. 1019-1039

Łukasz Balbus, Kevin Reffett and Łukasz Woźny

Price dynamics in a market with heterogeneous investment horizons and boundedly rational traders pp. 1040-1065

Th. Chauveau and A. Subbotin

Time consistent vs. time inconsistent dynamic asset allocation: Some utility cost calculations for mean variance preferences pp. 1066-1096

Abraham Lioui

Volume 37, issue 4, 2013

Deregulation shock in product market and unemployment pp. 711-734

Luisito Bertinelli, Olivier Cardi and Partha Sen

Heterogeneous beliefs and housing-market boom-bust cycles pp. 735-755

Hajime Tomura

Monetary regime change and business cycles pp. 756-773

Vasco Cúrdia and Daria Finocchiaro

A flexible matrix Libor model with smiles pp. 774-793

José Da Fonseca, Alessandro Gnoatto and Martino Grasselli

Characterization of a risk sharing contract with one-sided commitment pp. 794-809

Yuzhe Zhang

The intrinsic comparative dynamics of infinite horizon optimal control problems with a time-varying discount rate and time-distance discounting pp. 810-820

Michael Caputo

New insights into optimal control of nonlinear dynamic econometric models: Application of a heuristic approach pp. 821-837

D. Blueschke, V. Blueschke-Nikolaeva and Ivan Savin

Oligopoly exploitation of a private property productive asset pp. 838-853

Luca Colombo and Paola Labrecciosa

Government education expenditures in early and late childhood pp. 854-874

Casey Abington and William Blankenau

Pricing Parisian and Parasian options analytically pp. 875-896

Song-Ping Zhu and Wen-Ting Chen

The marginal welfare cost of capital taxation: Discounting matters pp. 897-909

Marika Santoro and Chao Wei

Volume 37, issue 3, 2013

Fiscal stimulus and labor market policies in Europe pp. 483-499

Ester Faia, Wolfgang Lechthaler and Christian Merkl

Learning about monetary policy rules when the housing market matters pp. 500-515

Wei Xiao

Dynamically optimal R&D subsidization pp. 516-534

Volker Grossmann, Thomas Steger and Timo Trimborn

Measuring high-frequency income risk from low-frequency data pp. 535-542

Paul Klein and Irina Telyukova

Changes in the effects of monetary policy on disaggregate price dynamics pp. 543-560

Christiane Baumeister, Philip Liu and Haroon Mumtaz

Autoregression-based estimation of the new Keynesian Phillips curve pp. 561-570

Markku Lanne and Jani Luoto

A system reduction method to efficiently solve DSGE models pp. 571-576

Kolver Hernandez

The information content of capacity utilization for detrending total factor productivity pp. 577-590

Christophe Planas, W. Roeger and Alessandro Rossi

Investment, matching and persistence in a modified cash-in-advance economy pp. 591-610

Stéphane Auray and Beatriz de Blas

Option pricing where the underlying assets follow a Gram/Charlier density of arbitrary order pp. 611-632

Erik Schlogl

Are the representative agent’s beliefs based on efficient econometric models? pp. 633-648

Maurizio Bovi

Escaping expectation traps: How much commitment is required? pp. 649-665

Christoph Himmels and Tatiana Kirsanova

Large shareholders, monitoring, and ownership dynamics: Toward pure managerial firms? pp. 666-679

Amal Hilli, Didier Laussel and Ngo Long

Heterogeneous expectations in monetary DSGE models pp. 680-692

Domenico Massaro

Who becomes an entrepreneur? Labor market prospects and occupational choice pp. 693-710

Markus Poschke

Volume 37, issue 2, 2013

Gauging the effects of fiscal stimulus packages in the euro area pp. 367-386

Günter Coenen, Roland Straub and Mathias Trabandt

Fiscal policy, banks and the financial crisis pp. 387-403

Robert Kollmann, Marco Ratto, Werner Roeger and in′t Veld, Jan

Fiscal consolidation strategy pp. 404-421

John F. Cogan, John Taylor, Volker Wieland and Maik Wolters

Fiscal consolidation in a currency union: Spending cuts vs. tax hikes pp. 422-445

Christopher Erceg and Jesper Lindé

Exchange rate regimes and fiscal multipliers pp. 446-465

Benjamin Born, Falko Juessen and Gernot Müller

Macroeconomic effects of an equity transaction tax in a general-equilibrium model pp. 466-482

Julia Lendvai, Rafal Raciborski and Lukas Vogel

Volume 37, issue 1, 2013

Pairwise trade, asset prices, and monetary policy pp. 1-17

Ed Nosal and Guillaume Rocheteau

Bounded rationality as a source of loss aversion and optimism: A study of psychological adaptation under incomplete information pp. 18-31

Jing Yao and Duan Li

The anatomy of standard DSGE models with financial frictions pp. 32-51

Michal Brzoza-Brzezina, Marcin Kolasa and Krzysztof Makarski

Social security reform with impure intergenerational altruism pp. 52-67

Fang Yang

A simple model of quality heterogeneity and international trade pp. 68-83

Elias Dinopoulos and Bulent Unel

Economic growth under money illusion pp. 84-103

Jianjun Miao and Danyang Xie

Aging and pensions in general equilibrium: Labor market imperfections matter pp. 104-124

David de la Croix, Olivier Pierrard and Henri Sneessens

Strategic exploitation of a common resource under environmental risk pp. 125-136

Eric Fesselmeyer and Marc Santugini

Options and structured products in behavioral portfolios pp. 137-153

Sanjiv Das and Meir Statman

Socially optimal social security and education subsidization in a dynastic model with human capital externalities, fertility and endogenous growth pp. 154-175

Siew Ling Yew and Jie Zhang

Defensive strategies in quality ladders pp. 176-194

Ivan Ledezma

Target-driven investing: Optimal investment strategies in defined contribution pension plans under loss aversion pp. 195-209

David Blake, Douglas Wright and Yumeng Zhang

Productivity shocks, stabilization policies and the dynamics of net foreign assets pp. 210-230

Giorgio Di Giorgio and Salvatore Nisticò

An inverse finite element method for pricing American options pp. 231-250

Song-Ping Zhu and Wen-Ting Chen

Fitted value function iteration with probability one contractions pp. 251-264

Jenő Pál and John Stachurski

Determining the motives for a positive optimal tax on capital pp. 265-295

William Peterman

Robust monetary policy with the consumption-wealth channel pp. 296-311

Eurilton Araújo

Violence and property rights pp. 312-328

Nils-Petter Lagerlof

Productivity growth, transparency, and monetary policy pp. 329-344

Ichiro Muto

Optimal monetary policy and downward nominal wage rigidity in frictional labor markets pp. 345-364

Salem Abo-Zaid