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 35, issue 12, 2011

Introducing financial frictions and unemployment into a small open economy model pp. 1999-2041

Lawrence Christiano, Mathias Trabandt and Karl Walentin

Do banking shocks matter for the U.S. economy? pp. 2042-2063

Naohisa Hirakata, Nao Sudo and Kozo Ueda

Monetary policy when wages are downwardly rigid: Friedman meets Tobin pp. 2064-2077

Jinill Kim and Francisco Ruge-Murcia

How much nominal rigidity is there in the US economy? Testing a new Keynesian DSGE model using indirect inference pp. 2078-2104

Vo Phuong Mai Le, David Meenagh, A. Patrick Minford and Michael Wickens

Fitting observed inflation expectations pp. 2105-2131

Marco Del Negro and Stefano Eusepi

News shocks and asset price volatility in general equilibrium pp. 2132-2149

Akito Matsumoto, Pietro Cova, Massimiliano Pisani and Alessandro Rebucci

Minimal state variable solutions to Markov-switching rational expectations models pp. 2150-2166

Roger Farmer, Daniel Waggoner and Tao Zha

Exact likelihood computation for nonlinear DSGE models with heteroskedastic innovations pp. 2167-2185

Gianni Amisano and Oreste Tristani

A Bayesian approach to optimal monetary policy with parameter and model uncertainty pp. 2186-2212

Timothy Cogley, Bianca De Paoli, Christian Matthes, Kalin Nikolov and Anthony Yates

New Keynesian dynamics in a low interest rate environment pp. 2213-2227

R. Braun and Lena Mareen Körber

Volume 35, issue 11, 2011

Input–output interactions and optimal monetary policy pp. 1817-1830

Ivan Petrella and Emiliano Santoro

On the ingredients for bubble formation: Informed traders and communication pp. 1831-1851

Jörg Oechssler, Carsten Schmidt and Wendelin Schnedler

Calvo vs. Rotemberg in a trend inflation world: An empirical investigation pp. 1852-1867

Guido Ascari, Efrem Castelnuovo and Lorenza Rossi

On the optimal taxation of common-pool resources pp. 1868-1879

G. Kossioris, M. Plexousakis, Anastasios Xepapadeas and Aart de Zeeuw

Minimum return guarantees with fund switching rights—An optimal stopping problem pp. 1880-1897

Antje Mahayni and John G.M. Schoenmakers

Large traders and illiquid options: Hedging vs. manipulation pp. 1898-1915

Holger Kraft and Christoph Kühn

Optimal portfolio choice with wash sale constraints pp. 1916-1937

Bjarne Astrup Jensen and Marcel Marekwica

Order aggressiveness, pre-trade transparency, and long memory in an order-driven market pp. 1938-1963

Ryuichi Yamamoto

On the optimal mix of patent instruments pp. 1964-1975

Angus Chu and Yuichi Furukawa

Financial openness, financial frictions and optimal monetary policy pp. 1976-1996

Ester Faia and Eleni Iliopulos

Volume 35, issue 10, 2011

Effects of international sharing of pollution abatement burdens on income inequality among countries pp. 1615-1625

Makoto Hirazawa, Koichi Saito and Akira Yakita

Optimal policy in Markov-switching rational expectations models pp. 1626-1651

Andrew Blake and Fabrizio Zampolli

Some evidence on factor intensity and price rigidity pp. 1652-1658

Ekaterina Peneva

Combining VAR and DSGE forecast densities pp. 1659-1670

Ida Wolden Bache, Anne Sofie Jore, James Mitchell and Shaun Vahey

Non-linear DSGE models and the optimized central difference particle filter pp. 1671-1695

Martin Andreasen

Volatility, growth, and welfare pp. 1696-1709

Pengfei Wang and Yi Wen

Co-development ventures: Optimal time of entry and profit-sharing pp. 1710-1730

Jaksa Cvitanic, Sonja Radas and Hrvoje Sikic

Backdating executive stock options--An ex ante valuation pp. 1731-1743

Hans Marius Eikseth and Snorre Lindset

The (un)importance of unemployment fluctuations for the welfare cost of business cycles pp. 1744-1768

Philip Jung and Keith Kuester

Optimal capital accumulation under price uncertainty and costly reversibility pp. 1769-1788

Luis Alvarez

Impatience, pollution, and indeterminacy pp. 1789-1799

Akihiko Yanase

Excessive risk taking and the maturity structure of debt pp. 1800-1816

Bertrand Djembissi

Volume 35, issue 9, 2011

Growth, dynamics, and economic policy: Special JEDC issue in honor of Stephen J. Turnovsky pp. 1387-1392

Walter Fisher and Kenneth Kletzer

A unified theory of structural change pp. 1393-1404

María Guilló, Chris Papageorgiou and Fidel Perez-Sebastian

Reprint to: Infrastructure provision and macroeconomic performance pp. 1405-1423

Santanu Chatterjee and Akm Morshed

The environmental and macroeconomic effects of socially responsible investment pp. 1424-1434

Lammertjan Dam and Ben Heijdra

Public policies and convergence pp. 1435-1450

Ingrid Ott and Susanne Soretz

The long run effects of changes in tax progressivity pp. 1451-1473

Daniel Carroll and Eric Young

Can progressive taxation account for cross-country variation in labor supply? pp. 1474-1488

Murat Koyuncu

The relative income hypothesis pp. 1489-1501

Francisco Alvarez-Cuadrado and Ngo Long

Hoarding international reserves versus a Pigovian tax-cum-subsidy scheme: Reflections on the deleveraging crisis of 2008-2009, and a cost benefit analysis pp. 1502-1513

Joshua Aizenman

The effects of total factor productivity and export shocks on a small open economy with unemployment pp. 1514-1530

Stefan Schubert

Ramsey policies in a small open economy with sticky prices and capital pp. 1531-1546

Stéphane Auray, Beatriz de Blas and Aurélien Eyquem

The Penn-Balassa-Samuelson effect through the lens of the dependent economy model pp. 1547-1556

Philip L. Brock

Risk premia in general equilibrium pp. 1557-1576

Olaf Posch

Bifurcation analysis of Zellner's Marshallian Macroeconomic Model pp. 1577-1585

Sanjibani Banerjee, William Barnett, Evgeniya A. Duzhak and Ramu Gopalan

Patent replacement and welfare gains pp. 1586-1604

Earl L. Grinols and Hwan Lin

On the role of small models in macrodynamics pp. 1605-1613

Stephen J Turnovsky

Volume 35, issue 8, 2011

The financial instability hypothesis: A stochastic microfoundation framework pp. 1151-1171

Carl Chiarella and Corrado Di Guilmi

Search in the product market and the real business cycle pp. 1172-1191

Thomas Mathä and Olivier Pierrard

Unemployment insurance in a sticky-price model with worker moral hazard pp. 1192-1214

Gregory Givens

Steady-state growth and the elasticity of substitution pp. 1215-1228

Andreas Irmen

Yield curve in an estimated nonlinear macro model pp. 1229-1244

Taeyoung Doh

Firm entry, credit availability and monetary policy pp. 1245-1272

Teruyoshi Kobayashi

Poverty traps, the money growth rule, and the stage of financial development pp. 1273-1287

Yoichi Gokan

Infrastructure provision and macroeconomic performance pp. 1288-1306

Santanu Chatterjee and Akm Morshed

Adaptive expectations and cobweb phenomena: Does heterogeneity matter? pp. 1307-1321

Domenico Colucci and Vincenzo Valori

High-growth recoveries, inventories and the Great Moderation pp. 1322-1339

Maximo Camacho, Gabriel Perez Quiros and Hugo Rodriguez Mendizabal

Premia for correlated default risk pp. 1340-1357

Shahriar Azizpour, Kay Giesecke and Baeho Kim

Maximum likelihood estimation for dynamic factor models with missing data pp. 1358-1368

B. Jungbacker, Siem Jan Koopman and Michel van der Wel

Mean-variance portfolio selection of cointegrated assets pp. 1369-1385

Mei Choi Chiu and Hoi Ying Wong

Volume 35, issue 7, 2011

Decomposing the declining volatility of long-term inflation expectations pp. 981-999

Todd Clark and Troy Davig

Time to build capital: Revisiting investment-cash-flow sensitivities pp. 1000-1016

John Tsoukalas

Commitment, advertising and efficiency of two-sided investment in competitive search equilibrium pp. 1017-1031

Adrian Masters

The dynamics of economic convergence: The role of alternative investment decisions pp. 1032-1044

Jan Bruha and Jiri Podpiera

Optimal monetary policy under incomplete markets and aggregate uncertainty: A long-run perspective pp. 1045-1060

Oleksiy Kryvtsov, Malik Shukayev and Alexander Ueberfeldt

Irreversible investment and R&D spillovers in a dynamic duopoly pp. 1061-1090

Gianluca Femminis and Gianmaria Martini

On the role of labor supply for the optimal size of Social Security pp. 1091-1105

Marten Hillebrand

Would the Bundesbank have prevented the Great Inflation in the United States? pp. 1106-1125

Luca Benati

Time varying VARs with inequality restrictions pp. 1126-1138

Gary Koop and Simon Potter

Price uncertainty, saving, and welfare pp. 1139-1149

Diego Nocetti and William T. Smith

Volume 35, issue 6, 2011

Discrete time Wishart term structure models pp. 815-824

Christian Gourieroux and Razvan Sufana

The dynamics of innovation and horizontal differentiation pp. 825-842

Borghan Narajabad and Randal Watson

Pricing of the time-change risks pp. 843-858

Ivan Shaliastovich and George Tauchen

An agent-based model of payment systems pp. 859-875

Marco Galbiati and Kimmo Soramäki

The welfare cost of one-size-fits-all patent protection pp. 876-890

Angus Chu

Exploration and development of U.S. oil and gas fields, 1955-2002 pp. 891-908

John R. Boyce and Linda Nøstbakken

Incomplete markets, ambiguity, and irreversible investment pp. 909-921

Jacco Thijssen

Strategic real options under asymmetric information pp. 922-934

Jeffrey Graham

Buying cooperation in an asymmetric environmental differential game pp. 935-946

Pascaux Smala Fanokoa, Issam Telahigue and Georges Zaccour

The implications of inflation in an estimated new Keynesian model pp. 947-962

Pablo Guerron

Implicit contracts and the cyclicality of the skill-premium pp. 963-979

Panayiotis Pourpourides

Volume 35, issue 5, 2011

Cooperation through imitation and exclusion in networks pp. 641-658

Constanza Fosco and Friederike Mengel

Optimal consumption and investment under time-varying relative risk aversion pp. 659-667

Mogens Steffensen

Time-inconsistent preferences and social security: Revisited in continuous time pp. 668-675

Frank Caliendo

Formal education and public knowledge pp. 676-693

Maurizio Iacopetta

On pricing and hedging options in regime-switching models with feedback effect pp. 694-713

Robert J. Elliott, Tak Kuen Siu and Alexandru Badescu

A network of options: Evaluating complex interdependent decisions under uncertainty pp. 714-729

Takashi Akamatsu and Takeshi Nagae

Durable goods, inter-sectoral linkages and monetary policy pp. 730-745

Hafedh Bouakez, Emanuela Cardia and Francisco Ruge-Murcia

EKC-type transitions and environmental policy under pollutant uncertainty and cost irreversibility pp. 746-763

Masaaki Kijima, Katsumasa Nishide and Atsuyuki Ohyama

Fast delta computations in the swap-rate market model pp. 764-775

Mark Joshi and Chao Yang

Fundamentalists vs. chartists: Learning and predictor choice dynamics pp. 776-792

Michele Berardi

Labor market institutions and inflation volatility in the euro area pp. 793-812

Alessia Campolmi and Ester Faia

Erratum to: "On the firm-level implications of the bank lending channel of monetary policy" [J. Econ. Dynamics Control 34 (10) (2010) 2038-2055] pp. 813-813

Roger Aliaga-Diaz and Maria Olivero

Volume 35, issue 4, 2011

Optimal R&D investment for a risk-averse entrepreneur pp. 413-429

A. Elizabeth Whalley

A two sector endogenous growth model with habit formation pp. 430-441

Ryoji Hiraguchi

Risk, uncertainty, and option exercise pp. 442-461

Jianjun Miao and Neng Wang

Two state capital accumulation with heterogenous products: Disruptive vs. non-disruptive goods pp. 462-478

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

Environmental policy and stable collusion: The case of a dynamic polluting oligopoly pp. 479-490

Hassan Benchekroun and Amrita Ray Chaudhuri

Heuristic learning and the discovery of specialization and exchange pp. 491-511

Erik Kimbrough

Fiscal stimulus and the role of wage rigidity pp. 512-527

Francesco Furlanetto

Environmental regulation, technological diversity, and the dynamics of technological change pp. 528-544

Frank Krysiak

Does trade integration alter monetary policy transmission? pp. 545-564

Tobias Cwik, Gernot Müller and Maik Wolters

Transmission lags and optimal monetary policy pp. 565-578

Juha Kilponen and Kai Leitemo

The New Keynesian Phillips Curve and staggered price and wage determination in a model with firm-specific labor pp. 579-603

Mikael Carlsson and Andreas Westermark

Second-order approximation of dynamic models without the use of tensors pp. 604-615

Paul Gomme and Paul Klein

Production technologies in stochastic continuous time models pp. 616-622

Klaus Wälde

Dynamic portfolio choice under ambiguity and regime switching mean returns pp. 623-640

Hening Liu

Volume 35, issue 3, 2011

Comment on "A dynamic portfolio choice model of tax evasion: Comparative statics of tax rates and its implication for economic growth" pp. 253-256

Ratbek Dzhumashev and Emin Gahramanov

The forward method as a solution refinement in rational expectations models pp. 257-272

Seonghoon Cho and Antonio Moreno

Consumption paths under prospect utility in an optimal growth model pp. 273-281

Reto Foellmi, Rina Rosenblatt-Wisch and Klaus Schenk-Hoppé

The role of liquid government bonds in the great transformation of American monetary policy pp. 282-294

Matthew Canzoneri, Robert Cumby, Behzad Diba and David Lopez-Salido

Invertible and non-invertible information sets in linear rational expectations models pp. 295-311

Brad Baxter, Liam Graham and Stephen Wright

Dividends and leverage: How to optimally exploit a non-renewable investment pp. 312-329

Delia Coculescu

Understanding liquidity shortages during severe economic downturns pp. 330-343

Manoj Atolia, Tor Einarsson and Milton Marquis

Rationally inattentive macroeconomic wedges pp. 344-362

Antonella Tutino

Credit and self-employment pp. 363-385

Ahmet Akyol and Kartik Athreya

Tapping the supercomputer under your desk: Solving dynamic equilibrium models with graphics processors pp. 386-393

Eric Aldrich, Jesus Fernandez-Villaverde, A. Gallant and Juan F Rubio-Ramirez

Time-varying (S, s) band models: Properties and interpretation pp. 394-412

Erwan Gautier and Hervé Le Bihan

Volume 35, issue 2, 2011

Computational suite of models with heterogeneous agents II: Multi-country real business cycle models pp. 175-177

Wouter J. Den Haan, Kenneth Judd and Michel Juillard

Multi-country real business cycle models: Accuracy tests and test bench pp. 178-185

Michel Juillard and Sébastien Villemot

Comparison of solutions to the multi-country Real Business Cycle model pp. 186-202

Robert Kollmann, Serguei Maliar, Benjamin Malin and Paul Pichler

Solving the multi-country Real Business Cycle model using a perturbation method pp. 203-206

Robert Kollmann, Jinill Kim and Sunghyun Kim

Solving the multi-country real business cycle model using ergodic set methods pp. 207-228

Serguei Maliar, Lilia Maliar and Kenneth Judd

Solving the multi-country real business cycle model using a Smolyak-collocation method pp. 229-239

Benjamin Malin, Dirk Krueger and Felix Kubler

Solving the multi-country Real Business Cycle model using a monomial rule Galerkin method pp. 240-251

Paul Pichler

Volume 35, issue 1, 2011

The heterogeneous expectations hypothesis: Some evidence from the lab pp. 1-24

Cars Hommes

Thinning and harvesting in stochastic forest models pp. 25-39

Kurt L. Helmes and Richard H. Stockbridge

Inflation and output volatility under asymmetric incomplete information pp. 40-51

Giacomo Carboni and Martin Ellison

Monetary policy and learning from the central bank's forecast pp. 52-66

Ichiro Muto

Sources of the great moderation: A time-series analysis of GDP subsectors pp. 67-79

Walter Enders and Jun Ma

Asset prices in an exchange economy when agents have heterogeneous homothetic recursive preferences and no risk free bond is available pp. 80-96

Hervé Roche

Pricing executive stock options under employment shocks pp. 97-114

Julio Carmona, Angel León and Antoni Vaello-Sebastià

Investment shocks and the comovement problem pp. 115-130

Hashmat Khan and John Tsoukalas

Stochastic equilibria of an asset pricing model with heterogeneous beliefs and random dividends pp. 131-147

Mei Zhu, Duo Wang and Maozheng Guo

An analysis of the effect of noise in a heterogeneous agent financial market model pp. 148-162

Carl Chiarella, Xuezhong (Tony) He and Min Zheng

Optimal pricing of a conspicuous product during a recession that freezes capital markets pp. 163-174

J.P. Caulkins, Gustav Feichtinger, D. Grass, R.F. Hartl, Peter Kort and A. Seidl