a r t i c l e i n f o JEL classification: E31 E44 E52 Keywords: Monetary policy rule Nonlinear model Stock market Structural break Time-varying coefficient This paper introduces nonlinearity and a structural break to the US forward-looking Taylor rule with a stock price gap, thereby alleviating the robustness problem that the linear Taylor rule is sensitive to minor changes of the sample period...

Most energy-economy policy models offered to policy makers are deficient in terms of at least one of technological explicitness, microeconomic realism, or macroeconomic completeness. We herein describe CIMS, a model which starts with the technological explicitness of the “bottom-up” approach and adds the microeconomic realism and macroeconomic completeness of the “topdown” CGE approach. This pa...

Beta is found to be a function of several leading economic indicators and government policy variables within the context of the Variable Beta Model which incorporates economic characteristics in the single index model in a multiplicative manner. When contemporaneous macroeconomic descriptors are replaced with reporting-period-lagged macroeconomic descriptors, in the Lagged Variable Beta Model, ...

The global financial crisis that has struck in 2008 and the ensuing global recession of 2009–2012 have led to a renewed interest in macroeconomic adjustment and macroeconomic management. At a paradigmatic level, standard approaches—be they more of a neo-classical or Keynesian nature—appear to be inadequate to explain the complete patterns and persistence of fluctuations seen during the crisis. ...

Macroeconomic policy makers are typically concerned with several indicators of economic performance. We thus propose to tackle the design of macroeconomic policy using Multicriteria Decision Making (MCDM) techniques. More specifically, we employ Multiobjective Programming (MP) to seek so-called efficient policies. The MP approach is combined with a computable general equilibrium (CGE) model. We...

This paper gives a brief introduction to the theory of dynamic games as developed mostly by control theorists and engineers and presents some economic applications of this theory. The paper shows how the theory of dynamic games can be applied to problems of economic policy-making with heterogeneous policy-makers, whose behavior is characterized by strategic interactions. In particular, for the ...

ISSUES Effectiveness of alcohol policy interventions varies across times and places. The circumstances under which effective polices can be successfully transferred between contexts are typically unexplored with little attention given to developing reporting requirements that would facilitate systematic investigation. APPROACH Using purposive sampling and expert elicitation methods, we identi...