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 34, issue 12, 2010

Dynamics of brand competition: Effects of unobserved social networks pp. 2391-2406

Abhijit Sengupta and Danica Vukadinovic Greetham

A dynamic bioeconomic analysis of mountain pine beetle epidemics pp. 2407-2419

Charles Sims, David Aadland and David Finnoff

Maintenance and investment: Complements or substitutes? A reappraisal pp. 2420-2439

Raouf Boucekkine, Giorgio Fabbri and Fausto Gozzi

Growth, sectoral composition, and the evolution of income levels pp. 2440-2460

Jaime Alonso-Carrera and Xavier Raurich

Monetary shocks in a spatial overlapping generations model pp. 2461-2484

Niels Anthonisen

The effects of the market structure on the adoption of evolving technologies pp. 2485-2493

Javier Rivas

Dynamic nonpoint-source pollution control policy: Ambient transfers and uncertainty pp. 2494-2509

Stergios Athanassoglou

Inflation targeting as a means of achieving disinflation pp. 2510-2532

Christian Saborowski

Harvesting and recovery decisions under uncertainty pp. 2533-2546

Mark Shackleton and Sigbjørn Sødal

On the macroeconomic and welfare effects of illegal immigration pp. 2547-2567

Xiangbo Liu

Managing disinflation under uncertainty pp. 2568-2577

Mewael F. Tesfaselassie and Eric Schaling

Equilibrium open interest pp. 2578-2600

Kenneth Judd and Dietmar P.J. Leisen

Volume 34, issue 11, 2010

Preface pp. 2231-2231

Carl Chiarella and Jin-Chuan Duan

Jump and volatility risk premiums implied by VIX pp. 2232-2244

Jin-Chuan Duan and Chung-Ying Yeh

Pricing of CDOs based on the multivariate Wang transform pp. 2245-2258

Masaaki Kijima, Shin-ichi Motomiya and Yoichi Suzuki

Bayesian analysis of structural credit risk models with microstructure noises pp. 2259-2272

Shirley J. Huang and Jun Yu

Behavioral heterogeneity in the option market pp. 2273-2287

Bart Frijns, Thorsten Lehnert and Remco Zwinkels

The economic value of volatility timing using a range-based volatility model pp. 2288-2301

Ray Chou and Nathan Liu

Consistent modeling of S&P 500 and VIX derivatives pp. 2302-2319

Yueh-Neng Lin and Chien-Hung Chang

Shape factors and cross-sectional risk pp. 2320-2340

Andrea Roncoroni, Stefano Galluccio and Paolo Guiotto

Estimating asset correlations from stock prices or default rates--Which method is superior? pp. 2341-2357

Klaus Duellmann, Jonathan Küll and Michael Kunisch

Systemic risk, financial contagion and financial fragility pp. 2358-2374

Serafín Martínez-Jaramillo, Omar Pérez Pérez, Fernando Avila Embriz and Fabrizio López Gallo Dey

Portfolio choice under transitory price impact pp. 2375-2389

Sergei Isaenko

Volume 34, issue 10, 2010

Euro area inflation persistence in an estimated nonlinear DSGE model pp. 1837-1858

Gianni Amisano and Oreste Tristani

State-dependent pricing, local-currency pricing, and exchange rate pass-through pp. 1859-1871

Anthony Landry

Auctions and corruption: An analysis of bid rigging by a corrupt auctioneer pp. 1872-1892

Yvan Lengwiler and Elmar Wolfstetter

Inflation, volatile public spending, and endogenously sustained growth pp. 1893-1906

Dimitrios Varvarigos

Optimal irrational behavior in continuous time pp. 1907-1922

James Feigenbaum and Frank Caliendo

Learning under fear of floating pp. 1923-1950

Saki Bigio

Robust hidden Markov LQG problems pp. 1951-1966

Lars Hansen, Ricardo Mayer and Thomas Sargent

Learning by doing vs. learning from others in a principal-agent model pp. 1967-1992

Jasmina Arifovic and Alexander Karaivanov

International capital flows and expectation-driven boom-bust cycles in the housing market pp. 1993-2009

Hajime Tomura

Investment and the Taylor rule in a dynamic Keynesian model pp. 2010-2022

Steven Fazzari, Piero Ferri and Edward Greenberg

Optimal monetary policy in the generalized Taylor economy pp. 2023-2037

Engin Kara

On the firm-level implications of the Bank Lending Channel of monetary policy pp. 2038-2055

Roger Aliaga-Diaz and Maria Olivero

Asset pricing implications of a New Keynesian model pp. 2056-2073

Bianca De Paoli, Alasdair Scott and Olaf Weeken

The method of endogenous gridpoints with occasionally binding constraints among endogenous variables pp. 2074-2088

Thomas Hintermaier and Winfried Koeniger

Examining the effectiveness of price limits in an artificial stock market pp. 2089-2108

Chia-Hsuan Yeh and Chun-Yi Yang

Short-run fiscal policy: Welfare, redistribution and aggregate effects in the short and long-run pp. 2109-2125

Sagiri Kitao

Women's lifetime labor supply and labor market experience pp. 2126-2140

Moshe Hazan and Yishay Maoz

Anticipated tax reforms and temporary tax cuts: A general equilibrium analysis pp. 2141-2158

Holger Strulik and Timo Trimborn

Does money matter for the identification of monetary policy shocks: A DSGE perspective pp. 2159-2178

Céline Poilly

Technology shocks, capital utilization and sticky prices pp. 2179-2191

Chetan Dave and Scott Dressler

Unintended consequences of the market risk requirement in banking regulation pp. 2192-2214

Jussi Keppo, Leonard Kofman and Xu Meng

Time-consistent control in nonlinear models pp. 2215-2228

Steven Ambler and Florian Pelgrin

Corrigendum to "New Keynesian versus old Keynesian government spending multipliers" [J. Econ. Dynam. Control 34(3) (2010) 281-295] pp. 2229-2229

John F. Cogan, Tobias Cwik, John Taylor and Volker Wieland

Volume 34, issue 9, 2010

Introduction to the special issue: Computational perspectives in economics and finance: Methods, dynamic analysis and policy modeling pp. 1529-1530

Herbert Dawid and Willi Semmler

The parameter set in an adaptive control Monte Carlo experiment: Some considerations pp. 1531-1549

Marco P. Tucci, David Kendrick and Hans Amman

How misleading is linearization? Evaluating the dynamics of the neoclassical growth model pp. 1550-1571

Manoj Atolia, Santanu Chatterjee and Stephen J Turnovsky

Using a projection method to analyze inflation bias in a micro-founded model pp. 1572-1581

Gary Anderson, Jinill Kim and Tack Yun

On the precision of Calvo parameter estimates in structural NKPC models pp. 1582-1595

Jean-Marie Dufour, Lynda Khalaf and Maral Kichian

Out-of-sample comparison of copula specifications in multivariate density forecasts pp. 1596-1609

Cees Diks, Valentyn Panchenko and Dick van Dijk

On entrepreneurial risk-taking and the macroeconomic effects of financial constraints pp. 1610-1626

Christiane Clemens and Maik Heinemann

The financial accelerator in an evolving credit network pp. 1627-1650

Domenico Delli Gatti, Mauro Gallegati, Bruce Greenwald, Alberto Russo and Joseph Stiglitz

Global dynamics in a model with search and matching in labor and capital markets pp. 1651-1679

Ekkehard Ernst and Willi Semmler

Risk premiums and macroeconomic dynamics in a heterogeneous agent model pp. 1680-1699

Ferre De Graeve, Maarten Dossche, Marina Emiris, Henri Sneessens and Raf Wouters

Stock market conditions and monetary policy in a DSGE model for the U.S pp. 1700-1731

Efrem Castelnuovo and Salvatore Nisticò

Money and liquidity effects: Separating demand from supply pp. 1732-1747

Jagjit Chadha, Luisa Corrado and Qi Sun

Schumpeter meeting Keynes: A policy-friendly model of endogenous growth and business cycles pp. 1748-1767

Giovanni Dosi, Giorgio Fagiolo and Andrea Roventini

Learning benevolent leadership in a heterogenous agents economy pp. 1768-1790

Jasmina Arifovic, Herbert Dawid, Christophe Deissenberg and Olena Kostyshyna

The macroeconomics of fiscal consolidations in euro area countries pp. 1791-1812

Lorenzo Forni, Andrea Gerali and Massimiliano Pisani

Towards an understanding of tradeoffs between regional wealth, tightness of a common environmental constraint and the sharing rules pp. 1813-1835

Raouf Boucekkine, Jacek Krawczyk and Thomas Vallee

Volume 34, issue 8, 2010

Macroeconomic models and the yield curve: An assessment of the fit pp. 1343-1358

Jagjit Chadha and Sean Holly

A model of debit card as a means of payment pp. 1359-1368

Young Sik Kim and Manjong Lee

Firm heterogeneity, trade, and wage inequality pp. 1369-1379

Bulent Unel

Self-organized criticality in a dynamic game pp. 1380-1391

Andreas Blume, John Duffy and Ted Temzelides

A dynamic model of shirking and unemployment: Private saving, public debt, and optimal taxation pp. 1392-1402

Richard Brecher, Zhiqi Chen and Ehsan Choudhri

On the theory of sterilized foreign exchange intervention pp. 1403-1420

Michael Kumhof

Technological leadership and persistence of monopoly under endogenous entry: Static versus dynamic analysis pp. 1421-1441

Eugen Kovac, Viatcheslav Vinogradov and Kresimir Zigic

On the hidden hazards of adaptive behavior pp. 1442-1455

Weihong Huang

A game options approach to the investment problem with convertible debt financing pp. 1456-1470

Masahiko Egami

Identifying a permanent markup shock and its implications for macroeconomic dynamics pp. 1471-1491

Bae-Geun Kim

Dynamic predictor selection in a new Keynesian model with heterogeneous expectations pp. 1492-1508

William Branch and Bruce McGough

Labor-market volatility in the search-and-matching model: The role of investment-specific technology shocks pp. 1509-1527

Renato Faccini and Salvador Ortigueira

Volume 34, issue 7, 2010

Economic models for the environmental Kuznets curve: A survey pp. 1187-1201

Masaaki Kijima, Katsumasa Nishide and Atsuyuki Ohyama

Monthly pass-through ratios pp. 1202-1213

Marlene Amstad and Andreas Fischer

Technology shocks and aggregate fluctuations in an estimated hybrid RBC model pp. 1214-1232

Jim Malley and Ulrich Woitek

A risk reserve model for hedging in incomplete markets pp. 1233-1247

Vera Minina and Michel Vellekoop

Steady-state invariance in high-order Runge-Kutta discretization of optimal growth models pp. 1248-1259

Stefania Ragni, Fasma Diele and Carmela Marangi

Discretization of highly persistent correlated AR(1) shocks pp. 1260-1276

Ragchaasuren Galindev and Damba Lkhagvasuren

Optimal monetary rules under persistent shocks pp. 1277-1294

Joydeep Bhattacharya and Rajesh Singh

The butterfly effect of small open economies pp. 1295-1304

Jarkko P. Jääskelä and Mariano Kulish

Nominal vs real wage rigidities in New Keynesian models with hiring costs: A Bayesian evaluation pp. 1305-1324

Marianna Riggi and Massimiliano Tancioni

Country portfolio dynamics pp. 1325-1342

Michael Devereux and Alan Sutherland

Volume 34, issue 6, 2010

Welfare costs of inflation when interest-bearing deposits are disregarded: A calculation of the bias pp. 1015-1030

Rubens Cysne and David Turchick

Smooth-adjustment econometrics and inventory-theoretic money management pp. 1031-1047

Clinton A. Greene

Sustained development of a society with a renewable resource pp. 1048-1061

Robert Cairns and Huilan Tian

Is corporate control effective when managers face investment timing decisions in incomplete markets? pp. 1062-1076

Vicky Henderson

Convergence of iterative tâtonnement without price normalization pp. 1077-1091

Mitri Kitti

Patents as collateral pp. 1092-1104

Bruno Amable, Jean-Bernard Chatelain and Kirsten Ralf

Financial crises and interacting heterogeneous agents pp. 1105-1122

Weihong Huang, Huanhuan Zheng and Wai-Mun Chia

Envelope theorems for locally differentiable open-loop Stackelberg equilibria of finite horizon differential games pp. 1123-1139

Robert A. Van Gorder and Michael Caputo

On the specification of noise in two agent-based asset pricing models pp. 1140-1152

Reiner Franke

Heterogeneous trading strategies with adaptive fuzzy Actor-Critic reinforcement learning: A behavioral approach pp. 1153-1170

Stelios Bekiros

Structural shocks and the comovements between output and interest rates pp. 1171-1186

Elmar Mertens

Volume 34, issue 5, 2010

Global stochastic properties of dynamic models and their linear approximations pp. 817-824

Ana Babus and Casper de Vries

Bifurcations of optimal vector fields in the shallow lake model pp. 825-843

Tatiana Kiseleva and Florian Wagener

A stochastic differential Fishery game for a two species fish population with ecological interaction pp. 844-857

Wen-Kai Wang and Christian-Oliver Ewald

The new Keynesian Phillips curve revisited pp. 858-874

Pål Boug, Ådne Cappelen and Anders Rygh Swensen

The puzzling evolution of the home bias, information processing and financial openness pp. 875-896

Jordi Mondria and Thomas Wu

Uncertainty-driven growth pp. 897-912

Koki Oikawa

From discrete to continuous time evolutionary finance models pp. 913-931

Jan Palczewski and Klaus Schenk-Hoppé

A theory of infrastructure-led development pp. 932-950

Pierre-Richard Agénor

A structural model of debt pricing with creditor-determined liquidation pp. 951-967

Max Bruche and Hassan Naqvi

Monetary persistence and the labor market: A new perspective pp. 968-983

Wolfgang Lechthaler, Christian Merkl and Dennis J. Snower

Linear rational-expectations models with lagged expectations: A synthetic method pp. 984-1002

Alexander Meyer-Gohde

Age effects, leverage and firm growth pp. 1003-1013

Kim Huynh and Robert Petrunia

Volume 34, issue 4, 2010

Perfect simulation of stationary equilibria pp. 577-584

Kazuo Nishimura and John Stachurski

Improvement in information and private investment in education pp. 585-597

Bernhard Eckwert and Itzhak Zilcha

On the relation between the mean and variance of delay in dynamic queues with random capacity and demand pp. 598-603

Mogens Fosgerau

Public versus private investment and growth in a hierarchical education system pp. 604-622

Calin Arcalean and Ioana Schiopu

Indeterminacy and the elasticity of substitution in one-sector models pp. 623-635

Russell Wong and Chong Yip

Portfolio selection in multidimensional general and partial moment space pp. 636-656

Walter Briec and Kristiaan Kerstens

Contract adjustment under uncertainty pp. 657-680

Helge Holden, Lars Holden and Steinar Holden

The dynamics of the NAIRU model with two switching regimes pp. 681-695

Fabio Tramontana, Laura Gardini and P. Ferri

Productive consumption and population dynamics in an endogenous growth model: Demographic trends and human development aid in developing economies pp. 696-709

Ichiroh Daitoh

Dynamic hedging of synthetic CDO tranches with spread risk and default contagion pp. 710-724

Rüdiger Frey and Jochen Backhaus

The effect of mean reversion on entry and exit decisions under uncertainty pp. 725-742

Andrianos Tsekrekos

Heterogeneous speculators, endogenous fluctuations and interacting markets: A model of stock prices and exchange rates pp. 743-764

Roberto Dieci and Frank Westerhoff

A banking explanation of the US velocity of money: 1919-2004 pp. 765-779

Szilard Benk, Max Gillman and Michal Kejak

Euro-dollar real exchange rate dynamics in an estimated two-country model: An assessment pp. 780-797

Pau Rabanal and Vicente Tuesta

Life expectancy and the environment pp. 798-815

Fabio Mariani, Agustín Pérez-Barahona and Natacha Raffin

Volume 34, issue 3, 2010

New Keynesian versus old Keynesian government spending multipliers pp. 281-295

John F. Cogan, Tobias Cwik, John Taylor and Volker Wieland

Optimal foreign investment dynamics in the presence of technological spillovers pp. 296-313

Herbert Dawid, Alfred Greiner and Benteng Zou

The concavity of the value function of the extended Barro-Becker model pp. 314-329

Ling Qi and Sadao Kanaya

Optimal monetary policy in a new Keynesian model with job search pp. 330-353

Jenn-Hong Tang

Labour taxes and unemployment evidence from a panel unobserved component model pp. 354-364

Tino Berger and Gerdie Everaert

Optimal monetary policy with imperfect unemployment insurance pp. 365-387

Tomoyuki Nakajima

A new algorithm for solving dynamic stochastic macroeconomic models pp. 388-403

Victor Dorofeenko, Gabriel Lee and Kevin Salyer

An approximate consumption function pp. 404-416

Mario Padula

Modeling structural breaks in economic relationships using large shocks pp. 417-436

George Kapetanios and Elias Tzavalis

On-the-job search, sticky prices, and persistence pp. 437-455

Willem Van Zandweghe

Robust monetary rules under unstructured model uncertainty pp. 456-471

Paul Levine and Joseph Pearlman

A reliable and computationally efficient algorithm for imposing the saddle point property in dynamic models pp. 472-489

Gary Anderson

An adverse selection model of optimal unemployment insurance pp. 490-502

Marcus Hagedorn, Ashok Kaul and Tim Mennel

Markov-perfect capital and labor taxes pp. 503-521

Fernando Martin

Ability-heterogeneity, entrepreneurship, and economic growth pp. 522-541

Neville Jiang, Ping Wang and Haibin Wu

A lattice algorithm for pricing moving average barrier options pp. 542-554

Min Dai, Peifan Li and Jin E. Zhang

The role of bank capital in the propagation of shocks pp. 555-576

Cesaire Meh and Kevin Moran

Volume 34, issue 2, 2010

Optimal stalling when bargaining pp. 101-120

John Thanassoulis

Structural vector autoregressions with Markov switching pp. 121-131

Markku Lanne, Helmut Lütkepohl and Katarzyna Maciejowska

A damped diffusion framework for financial modeling and closed-form maximum likelihood estimation pp. 132-157

Minqiang Li

Dynamic investment and capital structure under manager-shareholder conflict pp. 158-178

Takashi Shibata and Michi Nishihara

Adaptive learning with a unit root: An application to the current account pp. 179-190

Ronald Davies and Paul Shea

Does tax competition really promote growth? pp. 191-206

Marko Koethenbuerger and Ben Lockwood

Numerical solution of the Hamilton-Jacobi-Bellman formulation for continuous time mean variance asset allocation pp. 207-230

J. Wang and P.A. Forsyth

On the distributional consequences of epidemics pp. 231-245

Raouf Boucekkine and Jean-Pierre Laffargue

Inflation expectations and macroeconomic dynamics: The case of rational versus extrapolative expectations pp. 246-257

Marji Lines and Frank Westerhoff

A dynamic game of waste management pp. 258-265

Steffen Jørgensen

Implications of more precise information for technological development and economic welfare pp. 266-279

Burkhard Drees and Bernhard Eckwert

Volume 34, issue 1, 2010

Computational suite of models with heterogeneous agents: Incomplete markets and aggregate uncertainty pp. 1-3

Wouter J. Den Haan, Kenneth Judd and Michel Juillard

Comparison of solutions to the incomplete markets model with aggregate uncertainty pp. 4-27

Wouter J. Den Haan

Solving the incomplete markets model with aggregate uncertainty by backward induction pp. 28-35

Michael Reiter

Solving the incomplete markets model with aggregate uncertainty using the Krusell-Smith algorithm and non-stochastic simulations pp. 36-41

Eric Young

Solving the incomplete markets model with aggregate uncertainty using the Krusell-Smith algorithm pp. 42-49

Lilia Maliar, Serguei Maliar and Fernando Valli

Solving the incomplete market model with aggregate uncertainty using a perturbation method pp. 50-58

Sunghyun Kim, Robert Kollmann and Jinill Kim

Solving the incomplete markets model with aggregate uncertainty using parameterized cross-sectional distributions pp. 59-68

Yann Algan, Olivier Allais and Wouter J. Den Haan

Solving the incomplete markets model with aggregate uncertainty using explicit aggregation pp. 69-78

Wouter J. Den Haan and Pontus Rendahl

Assessing the accuracy of the aggregate law of motion in models with heterogeneous agents pp. 79-99

Wouter J. Den Haan