We explore the structural drivers of bank and nonbank credit cycles using a medium-scale dynamic stochastic general equilibrium (DSGE) model with two types financial intermediation. posit economywide sectoral disturbances in both macro sectors. estimate that shocks to balance sheets entrepreneurs are important for fluctuations growth at business cycle frequency. Economywide entrepreneurial risk...

time-history analysis is defined as a kind of dynamic analysis increasingly used in design of structures and evaluation of existing ones. one of the important issues in the time-history analysis is selecting earthquake records. in this case, seismic design provisions states that time histories shall have similar source mechanisms, geological and seismological features with region under study. a...

The objective of this work is to investigate market power issues in bid-based hydrothermal scheduling. Initially, market power was simulated with a single stage Cournot–Nash equilibrium model. In this static model the equilibrium was calculated analytically. It was shown that the total production of N strategic agents is smaller than the least-cost solution by a factor of (N/(N +1)). Market pow...

We prove existence of time consistent equilibria in a class dynamic models with recursive payoffs and generalized discounting involving both behavioral normative applications. Our Bellman equation method identifies separates both: strategic aspects the equilibrium problem allows to determine sufficient assumptions on preferences stochastic transition establish existence. In particular we show m...

Economic policies aimed at managing economic variables in the short and long term have always been of special importance. These seek to reduce fluctuations increase sustainable growth term. One these is monetary policy, which mainly carried out by central banks worldwide. This paper uses Keynesian Dynamic Stochastic General Equilibrium (DSGE) model examine effects policy on real Iranian economy...

We study the interaction of multiple large economies in dynamic stochastic general equilibrium. Each economy has a monetary policymaker that attempts to control the economy through the use of a linear nominal interest rate feedback rule. We show how the determinacy of worldwide equilibrium depends on the joint behavior of policymakers worldwide. We also show how indeterminacy exposes all econom...

In this paper we examine non-parametric restrictions on counterfactual analysis in a simple dynamic stochastic general equilibrium model. Under the assumption of timeseparable expected utility and complete markets all equilibria in this model are stationary, the Arrow-Debreu prices uniquely reveal the probabilities and discount factor and the equilibrium correspondence defined as the map from e...

This paper provides a step-by-step guide to solving dynamic stochastic games using the homotopy method. The homotopy method facilitates exploring the equilibrium correspondence in a systematic fashion; it is especially useful in games that have multiple equilibria. We discuss the theory of the homotopy method and its implementation and present two detailed examples of dynamic stochastic games t...