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 33, issue 12, 2009

Option hedging theory under transaction costs pp. 1945-1961

Tze Leung Lai and Tiong Wee Lim

Optimal timing of management turnover under agency problems pp. 1962-1980

Keiichi Hori and Hiroshi Osano

Imitators and optimizers in Cournot oligopoly pp. 1981-1990

Burkhard Schipper

Capital-labor substitution and equilibrium indeterminacy pp. 1991-2000

Jang-Ting Guo and Kevin Lansing

E-stability and stability of adaptive learning in models with private information pp. 2001-2014

Maik Heinemann

Jealousy and underconsumption in a one-sector model with wealth preference pp. 2015-2029

Yasuhiro Nakamoto

Chaos and sector-specific externalities pp. 2030-2046

David Stockman

Volume 33, issue 11, 2009

Implied recovery pp. 1837-1857

Sanjiv Das and Paul Hanouna

Pooling forecasts in linear rational expectations models pp. 1858-1866

Gregor Smith

On nonrenewable resource oligopolies: The asymmetric case pp. 1867-1879

Hassan Benchekroun, Alex Halsema and Cees Withagen

Learning about monetary policy rules when the cost-channel matters pp. 1880-1896

Luis-Gonzalo Llosa and Vicente Tuesta

Parental altruism, life expectancy and dynamically inefficient equilibria pp. 1897-1911

Hippolyte d'Albis and Bruno Decreuse

More hedging instruments may destabilize markets pp. 1912-1928

William Brock, Cars Hommes and Florian Wagener

Behavioural heterogeneity and shift-contagion: Evidence from the Asian crisis pp. 1929-1944

Eelke de Jong, Willem Verschoor and Remco Zwinkels

Volume 33, issue 10, 2009

Learning games pp. 1739-1756

Nobuyuki Hanaki, Ryuichiro Ishikawa and Eizo Akiyama

A note on the closed-form solution to the Lucas-Uzawa model with externality pp. 1757-1760

Ryoji Hiraguchi

R&D policy in a volatile economy pp. 1761-1778

Tetsugen Haruyama

Innovation and growth through local and global interaction pp. 1779-1795

Rainer Andergassen, Franco Nardini and Massimo Ricottilli

Regime uncertainty and optimal investment timing pp. 1796-1807

Katsumasa Nishide and Ernesto Kazuhiro Nomi

Speculative hyperinflations and currency substitution pp. 1808-1823

Oscar Arce

Can a stochastic cusp catastrophe model explain stock market crashes? pp. 1824-1836

Jozef Baruník and Miloslav Vošvrda

Volume 33, issue 9, 2009

Macroeconomic (in)stability under real interest rate targeting pp. 1631-1638

Chi-Ting Chin, Jang-Ting Guo and Ching-chong Lai

Life-cycle savings, bequest, and a diminishing impact of scale on growth pp. 1639-1647

Carl-Johan Dalgaard and Martin Jensen

Integrated assessment of energy policies: Decomposing top-down and bottom-up pp. 1648-1661

Christoph Böhringer and Thomas Rutherford

Distortionary taxes and public investment when government promises are not enforceable pp. 1662-1681

Marina Azzimonti, Pierre Daniel Sarte and Jorge Soares

Life-cycle portfolio choice: The role of heterogeneous under-diversification pp. 1682-1698

Claudio Campanale

Could myopic pricing be a strategic choice in marketing channels? A game theoretic analysis pp. 1699-1718

Hassan Benchekroun, Guiomar Martin-Herran and Sihem Taboubi

Behavioral heterogeneity in dynamic search situations: Theory and experimental evidence pp. 1719-1738

Daniel Schunk

Volume 33, issue 8, 2009

Aging, transitional dynamics, and gains from trade pp. 1531-1542

Takumi Naito and Laixun Zhao

Stochastic adaptation in finite games played by heterogeneous populations pp. 1543-1554

Jens Josephson

Preferences with frames: A new utility specification that allows for the framing of risks pp. 1555-1576

Nicholas Barberis and Ming Huang

Modelling long memory and structural breaks in conditional variances: An adaptive FIGARCH approach pp. 1577-1592

Richard T. Baillie and Claudio Morana

Single-leader-multiple-follower games with boundedly rational agents pp. 1593-1603

Kurian Tharakunnel and Siddhartha Bhattacharyya

Methods for robust control pp. 1604-1616

Richard Dennis, Kai Leitemo and Ulf Söderström

Delegation, time inconsistency and sustainable equilibrium pp. 1617-1629

Henrique Basso

Volume 33, issue 7, 2009

Investor heterogeneity, asset pricing and volatility dynamics pp. 1379-1397

David Weinbaum

Estimated U.S. manufacturing production capital and technology based on an estimated dynamic structural economic model pp. 1398-1418

Baoline Chen and Peter Zadrozny

Endogenous growth and adverse selection in entrepreneurship pp. 1419-1436

Jose M. Plehn-Dujowich

A quantitative exploration of the Golden Age of European growth pp. 1437-1450

Francisco Alvarez-Cuadrado and Mihaela Pintea

Monopoly behaviour with speculative storage pp. 1451-1468

Sebastien Mitraille and Henry Thille

Optimal monetary policy in economies with dual labor markets pp. 1469-1489

Fabrizio Mattesini and Lorenza Rossi

White discrimination in provision of black education: Plantations and towns pp. 1490-1530

Neil Canaday and Robert Tamura

Volume 33, issue 6, 2009

Real wages over the business cycle: OECD evidence from the time and frequency domains pp. 1183-1200

Julian Messina, Chiara Strozzi and Jarkko Turunen

Chaos in the cobweb model with a new learning dynamic pp. 1201-1216

George Waters

A geometric description of a macroeconomic model with a center manifold pp. 1217-1235

Pedro Gomis-Porqueras and Àlex Haro

Why does overnight liquidity cost more than intraday liquidity? pp. 1236-1246

Joydeep Bhattacharya, Joseph Haslag and Antoine Martin

Happiness maintenance and asset prices pp. 1247-1262

Antonio Falato

Transaction costs and consumption pp. 1263-1277

Geng Li

Is there a majority to support a capital tax cut? pp. 1278-1295

Francois Gourio

Wage or price-based inflation? Alternative targets in optimal monetary policy rules pp. 1296-1313

Massimiliano Marzo

Asset pricing with incomplete information and fat tails pp. 1314-1331

Prasad Bidarkota, Brice V. Dupoyet and J. Huston McCulloch

A naïve sticky information model of households' inflation expectations pp. 1332-1344

Markku Lanne, Arto Luoma and Jani Luoto

Cake eating, exhaustible resource extraction, life-cycle saving, and non-atomic games: Existence theorems for a class of optimal allocation problems pp. 1345-1360

Siu Leung

Search, unemployment, and age pp. 1361-1378

Volker Hahn

Volume 33, issue 5, 2009

Introduction to special issue on complexity in economics and finance pp. 1019-1022

Mikhail Anufriev and William Branch

The market organism: Long-run survival in markets with heterogeneous traders pp. 1023-1035

Lawrence Blume and David Easley

A New Keynesian model with heterogeneous expectations pp. 1036-1051

William Branch and Bruce McGough

Price stability and volatility in markets with positive and negative expectations feedback: An experimental investigation pp. 1052-1072

Peter Heemeijer, Cars Hommes, Joep Sonnemans and Jan Tuinstra

Asset prices, traders' behavior and market design pp. 1073-1090

Mikhail Anufriev and Valentyn Panchenko

The reality game pp. 1091-1105

Dmitriy Cherkashin, J. Farmer and Seth Lloyd

Uncertainty aversion in a heterogeneous agent model of foreign exchange rate formation pp. 1106-1122

Roman Kozhan and Mark Salmon

Guessing with negative feedback: An experiment pp. 1123-1133

Angela Sutan and Marc Willinger

A prototype model of speculative dynamics with position-based trading pp. 1134-1158

Reiner Franke

Learning in a credit economy pp. 1159-1169

Tiziana Assenza and Michele Berardi

Dynamic instability in generic model of multi-assets markets pp. 1170-1181

Matteo Marsili, Giacomo Raffaelli and Benedicte Ponsot

Volume 33, issue 4, 2009

Macroeconomic implications of early retirement in the public sector: The case of Brazil pp. 777-797

Gerhard Glomm, Juergen Jung and Chung Tran

Structural estimation of real options models pp. 798-816

Andrea Gamba and Matteo Tesser

Do stylised facts of order book markets need strategic behaviour? pp. 817-831

Daniel Ladley and Klaus Schenk-Hoppé

Note on Goodwin's 1951 nonlinear accelerator model with an investment delay pp. 832-842

Akio Matsumoto

Exchange rates and fundamentals under adaptive learning pp. 843-863

Young Se Kim

Comparing DSGE-VAR forecasting models: How big are the differences? pp. 864-882

Andra Ghent

Quantitative implications of indexed bonds in small open economies pp. 883-902

C. Bora Durdu

Investment timing, asymmetric information, and audit structure: A real options framework pp. 903-921

Takashi Shibata

Bubbles and crashes: Gradient dynamics in financial markets pp. 922-937

Daniel Friedman and Ralph Abraham

Matching with interviews pp. 938-954

Adrian Masters

The asset location puzzle: Taxes matter pp. 955-969

Jie Zhou

Inside money, credit, and investment pp. 970-984

Scott Dressler and Victor E. Li

Imperfect transparency and shifts in the central bank's output gap target pp. 985-996

Niklas Westelius

On the evolution of the monetary policy transmission mechanism pp. 997-1017

Gary Koop, Roberto Leon-Gonzalez and Rodney Strachan

Volume 33, issue 3, 2009

The impact of heterogeneous trading rules on the limit order book and order flows pp. 525-537

Carl Chiarella and Giulia Iori

Sticky wages and sectoral labor comovement pp. 538-553

Riccardo DiCecio

Demographic structure and capital accumulation: A quantitative assessment pp. 554-567

Sau-Him Paul Lau

Dynamic R&D with spillovers: Competition vs cooperation pp. 568-582

Roberto Cellini and Luca Lambertini

Optimal pricing and advertising policies for an entertainment event pp. 583-596

Steffen Jørgensen, Peter Kort and Georges Zaccour

The effects of permanent technology shocks on hours: Can the RBC-model fit the VAR evidence? pp. 597-613

Jesper Lindé

Valuing programs with deterministic and stochastic cycles pp. 614-623

Harry Paarsch and John Rust

Indeterminacy, change points and the price puzzle in an estimated DSGE model pp. 624-648

Anatoliy Belaygorod and Michael Dueker

Solving heterogeneous-agent models by projection and perturbation pp. 649-665

Michael Reiter

Non-constant discounting in finite horizon: The free terminal time case pp. 666-675

Jesus Marin-Solano and Jorge Navas

Valuation of mortality risk via the instantaneous Sharpe ratio: Applications to life annuities pp. 676-691

Erhan Bayraktar, Moshe Milevsky, S. David Promislow and Virginia R. Young

Revealing the implied risk-neutral MGF from options: The wavelet method pp. 692-709

Emmanuel Haven, Xiaoquan Liu, Chenghu Ma and Liya Shen

Spectral decomposition of optimal asset-liability management pp. 710-724

Marc Decamps, Ann De Schepper and Marc Goovaerts

Human capital formation and macroeconomic performance in an ageing small open economy pp. 725-744

Ben Heijdra and Ward Romp

Intergenerational human capital evolution, local public good preferences, and stratification pp. 745-757

Been-Lon Chen, Shin-Kun Peng and Ping Wang

Money and the natural rate of interest: Structural estimates for the United States and the euro area pp. 758-776

Javier Andrés, David Lopez-Salido and Edward Nelson

Volume 33, issue 2, 2009

Business cycle analysis and VARMA models pp. 267-282

Christian Kascha and Karel Mertens

Computing the mean square error of unobserved components extracted by misspecified time series models pp. 283-295

Andrew Harvey and Davide Delle Monache

Robustifying learnability pp. 296-316

Robert Tetlow and Peter von zur Muehlen

Flexible shrinkage in portfolio selection pp. 317-328

Vasyl Golosnoy and Yarema Okhrin

Exchange rate dynamics in a target zone--A heterogeneous expectations approach pp. 329-344

Christian Bauer, Paul De Grauwe and Stefan Reitz

Limited attention, interaction and the gradual adjustment of a firm's decisions pp. 345-362

Katsuya Takii

Computational modelling of price formation in the electricity pool of England and Wales pp. 363-376

Derek W. Bunn and Christopher J. Day

Financial integration, credit market imperfections and consumption smoothing pp. 377-393

Asli Leblebicioglu

History versus expectations in economic geography reconsidered pp. 394-408

Daisuke Oyama

Is forward-looking inflation targeting destabilizing? The role of policy's response to current output under endogenous investment pp. 409-430

Kevin Huang, Qinglai Meng and Jianpo Xue

A population-macroeconomic growth model for currently developing countries pp. 431-453

Akira Momota

Monetary equilibrium and the differentiability of the value function pp. 454-462

C.D. Aliprantis, Gabriele Camera and F. Ruscitti

Water allocation under distribution losses: Comparing alternative institutions pp. 463-476

Ujjayant Chakravorty, Eithan Hochman, Chieko Umetsu and David Zilberman

Structural changes in the US economy: Is there a role for monetary policy? pp. 477-490

Fabio Canova and Luca Gambetti

Underreaction to fundamental information and asymmetry in mispricing between bullish and bearish markets. An experimental study pp. 491-506

Michael Kirchler

Investment under uncertainty with price ceilings in oligopolies pp. 507-524

Fabien Roques and Nicos Savva

Volume 33, issue 1, 2009

Wealth distribution and aggregate time-preference: Markov-perfect equilibria in a Ramsey economy pp. 1-14

Paul Pichler and Gerhard Sorger

Saddlepoint approximations for affine jump-diffusion models pp. 15-36

Paul Glasserman and Kyoung-Kuk Kim

Analytical methods for hedging systematic credit risk with linear factor portfolios pp. 37-52

Dan Rosen and David Saunders

Keeping up with the ageing Joneses pp. 53-64

Walter Fisher and Ben Heijdra

Modeling the term structure of interest rates with general diffusion processes: A moment approximation approach pp. 65-77

Hideyuki Takamizawa and Isao Shoji

Network structure and N-dependence in agent-based herding models pp. 78-92

Simone Alfarano and Mishael Milaković

Systematic equity-based credit risk: A CEV model with jump to default pp. 93-108

Luciano Campi, Simon Polbennikov and Alessandro Sbuelz

Risk aversion and block exercise of executive stock options pp. 109-127

Matheus Grasselli and Vicky Henderson

American chooser options pp. 128-153

Jerome Detemple and Thomas Emmerling

A quartet of asset pricing models in nominal and real economies pp. 154-165

Chao Wei

Dynamic interaction models of economic equilibrium pp. 166-182

Igor Evstigneev and Michael Taksar

Anything goes with heterogeneous, but not always with homogeneous oligopoly pp. 183-203

Dave Furth

Effectiveness of CPPI strategies under discrete-time trading pp. 204-220

Sven Balder, Michael Brandl and Antje Mahayni

Specialization and efficiency with labor-market matching pp. 221-236

Toshihiko Mukoyama and Aysegul Sahin

Trends in hours: The U.S. from 1900 to 1950 pp. 237-249

Guillaume Vandenbroucke

Cournot duopoly when the competitors operate multiple production plants pp. 250-265

Fabio Tramontana, Laura Gardini and Tönu Puu