rationality, based on economic system of capitalism to explain phenomenon is based on self-interest. one important phenomenon from the perspective of the new classical school of macroeconomic, kydlnd and prescott (1977), the winners of the 2004 nobel prize in economics is, time inconsistency. time inconsistency ,is a condition that will cause a decision (by households, firms, or scheduler), whi...

Most of the results of optimal taxation literature in Ramsey framework are derived under the assumption of commitment. Commitment is usually defined as ability of a government to bind future policy choices. This assumption is restrictive. A government, even a benevolent one, may choose to change its policies from those promised at an earlier date. The first formalization of the notion of time-i...

Inflation determination is studied in a model in which policy makers care about inflation and the difference between actual and desired output as in Kydland and Prescott (1977) and Barro and Gordon (1983). We extend the analysis by assuming that desired output depends on the realisation of the supply shock, and show that this influences average inflation. Furthermore, we demonstrate that inflat...

_________________________________________________________________________ Theoretical advances in macroeconomics made in the last three decades have had a major influence on macroeconomic policy analysis. Moreover, over the last several decades, the United States and other countries have undertaken a variety of policy changes that are precisely what macroeconomic theory of the last 30 years sug...

the solar radiation received by earth surface is one of the most applicable parameter that is so important in hydrology, agriculture, meteorology and climatological modeling. because of very expensive instrument for measuring the radiation, researchers suggested many different experimental equations to estimate this parameter in different climate. seven models which are calibrated for semi-arid...

We study a class of discounted infinite horizon stochastic games with strategic complementarities. Using monotone operators on the space of values and strategies, we prove existence of a Stationary Markov Nash equilibrium under different set of assumptions than Curtat (1996), Amir (2002, 2005) or Nowak (2007) via constructive methods. In addition, we provide monotone comparative statics results...