Inflation and the monetary financing of deficits are analyzed in a model in which the deficit is constrained to be less than a given fraction of a measure of aggregate market activity. Depending on parameter values, the model can have multiple steady states. Under adaptive learning with heterogeneous learning rules, there is convergence to a subset of these steady states. In some cases, a high-...

We describe the evolution of productivity growth in a competitive industry with free entry and exit. The exogenous wage rate determines the firms’ engagement in labor productivity enhancing process innovation. There is a unique steady state of the industry dynamics, which is globally asymptotically stable. In the steady state, the number of active firms, their unit labor cost and supply depend ...

Abstract T he return of capital is fundamental to the intertemporal allocation of resources by changing the consumption behavior and capital accumulation over time. Taxation on return of capital increases the marginal product of capital, meaning that capital stock is lower than when capital is not taxed, which results decreased growth and welfare in steady state. This pape...

Asynchronous distributed decision-making (ADDM) systems constitute a special class of distributed problems and are characterized as large, complex systems wherein the principal elements are the geographically dispersed entities that communicate among themselves, asynchronously, through message passing and are permitted autonomy in local decision making. Such systems generally offer significant ...

In this paper we consider a model for pool-boiling systems known from the literature. This model involves only the temperature distribution within the heater and models the heat exchange with the boiling medium via a nonlinear boundary condition imposed on the fluid-heater interface. The model allows multiple homogeneous (i.e. spatially constant) and multiple heterogeneous steady-state solution...

in this paper power system model is represented in a new domain that relates to multi-resolution analysis (mra) space. by developing mathematical model of elements in this space using galerkin method, a new alternative method for power system simulation in nonsinusoidal and periodic conditions is developed. the mathematical formulation and characteristics of new proposed space is expressed. als...

The present article investigates effects of the multi-frequency excitation on the output power of a piezomagnetoelastic energy harvester. The piezomagnetoelastic power generator is assumed to operate in the mono-stable mode. A perturbation technique based on the method of multiple scales is employed to develop an analytical solution to nonlinear differential equations governing the system dynam...

materials exhibit significant creep behavior at temperatures above 40% of their absolute melt temperature. lead, tin and their alloys are such materials which experience significant creep behavior in room temperature. one of the most important applications of the tin-lead alloys is soldering electronic circuits in electronic industry, and for lead are isolation walls and wet batteries. room tem...

This paper investigates a Trejos-Wright random matching model of money with a consumer take-it-or-leave-it offer and with individual money holdings in the set {0, 1, 2}. It is shown that three kinds of monetary steady states exist generically: (1) purestrategy full-support steady states, (2) mixed-strategy full-support steady states, and (3) non-full-support steady states. A full-support steady...