The property of saddle-path instability often arises in economic models derived from optimising behaviour by individual agents. In the case when underlying functional forms are nonlinear, it is likely that the stable and unstable arms defining the saddle-path dynamics will also have nonlinear properties. While closed-form analytic solutions can always be derived for linearised deterministic ver...

A new implementation of the Nudged Elastic Band (NEB) optimization method is presented. This approach uses a global procedure that yields the whole reaction path, and thus it provides an alternative to the sequential optimization of the transition state and consequent calculation of the minimum energy path. Furthermore the algorithm is very useful when one is not sure if a saddle point exists, ...

This paper is concerned with the saddle-path stability of monetary growth rules in a two-country two-sector dynamic stochastic general equilibrium model. Alongside standard features of emerging economies, such as a combination of producer and local currency pricing for exports, fiscal dominance and oil exports, this model also incorporates informal labour and production sectors and examines how...

objective: yield components and genetic contribution have the most important in final yield and breeding programs of crop plants. for this purpose, 20 varieties of grapevines with russia origin were evaluated in urmia and takestan research station (under full irrigation and drought stress). methods: twenty grapevine genotypes were evaluated in urmia and takestan research station (under full irr...

A method is presented for finding the ridge between first order saddle points on a multidimensional surface. For atomic scale systems, such saddle points on the energy surface correspond to atomic rearrangement mechanisms. Information about the ridge can be used to test the validity of the harmonic approximation to transition state theory, in particular to verify that second order saddle points...

This paper considers dynamic equilibria in wage bargaining unifying for the …rst time the models of Coles and Wright (1998) and Pissarides and producing in contrast to the Coles and Wright model, a non-de…cient equilibrium. In sharp contrast to the Pissarides model we analyse a fully dynamic model with non-linear cost functions and risk-averse agents with empirical/quantitative evidence also fo...

It has been shown that under perfect competition and constant returns-to-scale, a onesector real business cycle model may exhibit indeterminacy and sunspots when income tax rates are determined by a balanced-budget rule with a pre-set level of government expenditures. This paper shows that indeterminacy disappears if the government finances endogenous public spending and transfers with fixed in...

This paper analyzes monetary stabilization in a structurally unstable economy. The economy has multiple stationary states, differing in credit market conditions and economic activity. Under certain conditions two monetary stationary states are stable and self—fulfilling deflationary crises can occur. The model implies that adjusting long— run monetary conditions is insufficient to coordinate th...

Most existing evidences for indeterminacy are obtained from analyzing models that do not consider trade. This paper considers an extension of Nishimura and Shimomura (Journal of Economic Theory, 2002) Heckscher-Ohlin framework by removing sector-specific externalities in one country while maintaining all other assumptions previously made by the authors. We show that even though indeterminacy ar...