This paper studies optimal monetary and fiscal policy in a stochastic economy with sticky prices and monopolistic competition on its product markets. Our main objective is to characterize optimal time-consistent (Markov) policies and to compare their characteristics to the ones implemented by a Ramsey policy maker. We perform this comparison within the framework of a stochastic production econo...

We study the relative performance of disclosure and auditing in organizations. We consider the information transmission problem between two decision makers who take actions at dates 1 and 2 respectively. The first decision maker has private information about a state of nature that is relevant for both decisions, and sends a cheap-talk message to the second. The second decision maker can commit ...

The improvement of wave generation in numerical tanks represents the key factor ocean engineering development to save time and effort research concerned with energy conversion. For this purpose, paper introduces a simulation method generate both regular irregular waves using Flap-Type maker. A 2D tank model is constructed beach technique, independence slope tested reduce reflections. different ...