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During the last 15 years econometric techniques for evaluating macroeconomic policy using dynamic stochastic models in which expectations are consistent, or rational, have been developed extensively...
This paper presents an algorithm for solving nonlinear dynamic stochastic models that computes value function by simulations. We argue that the proposed algorithm can be a useful alternative to the ex...
We extend Kirman's model by introducing variable event time scale. The proposed exi- ble time scale is equivalent to the variable trading activity observed in nancial markets. Stochastic version ...

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