# Elsevier

# Journal of Economic Dynamics and Control

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**Current editor:**J. Bullard

**Current editor:**C. Chiarella

**Current editor:**H. Dawid

**Current editor:**C. H. Hommes

**Current editor:**P. Klein

**Editor:**

Additional information is available for the following
registered editor(s): James Bullard
Carl Chiarella
Timothy Cogley
Herbert Dawid
Wouter Denhaan
Cars Hommes
Peter N. Ireland
Michel Juillard
Kenneth L. Judd
Paul Klein
Christopher Otrok
Volker Wieland
**For corrections or technical questions regarding this series, please contact
(Shamier, Wendy)**

**Series handle:**repec:eee:dyncon

**ISSN:**0165-1889

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### 1995, Volume 19, Issue 5-7

**1065-1089 Consistency and cautious fictitious play***by*Fudenberg, Drew & Levine, David K.**1091-1111 Monetary policy games with broad money targets a linear quadratic control analysis of the U.S. and Japan***by*McNelis, Paul D. & Asilis, Carlos M.**1113-1140 Induction and the Ramsey policy***by*Cho, In-Koo & Matsui, Akihiko**1141-1163 Large external debt and (slow) domestic growth a theoretical analysis***by*Cohen, Daniel**1165-1197 Optimal tax rules in a dynamic stochastic economy with capital***by*Cassou, Steven P.**1199-1222 Does the federal reserve affect asset prices?***by*Tarhan, Vefa**1223-1247 Public investment, private investment, and inflation***by*Buffie, Edward F.**1249-1281 Variance properties of Solow's productivity residual and their cyclical implications***by*Finn, Mary G.**1283-1292 Learning about variable demand in the long run***by*Rustichini, Aldo & Wolinsky, Asher**1293-1296 A note on least-squares learning mechanism***by*Chang, M. C. & Chu, C. Y. Cyrus & Lin, Kenneth S.**1297-1298 Erratum***by*Sethi, Suresh P. & Taksar, Michael I. & Presman, Ernst L.

### 1995, Volume 19, Issue 4

**663-681 Potential problems in estimating bilinear time-series models***by*Brunner, Allan D. & Hess, Gregory D.**683-710 Dealer market structure, outside competition, and the bid-ask spread***by*Laux, Paul A.**711-734 An alternative methodology for solving nonlinear forward-looking models***by*Boucekkine, Raouf**735-739 Computational economies***by*Bruun, Charlotte**741-745 Neural network learning and expert systems***by*Luna, Francesco**747-786 The composition of government expenditure and its consequences for macroeconomic performance***by*Turnovsky, Stephen J. & Fisher, Walter H.**787-811 Equilibrium asset prices and exchange rates***by*Zapatero, Fernando**813-830 General dynamics in overlapping generations models***by*Carrera, Carmen & Moran, Manuel**831-843 Stationary sunspot equilibrium in a cash-in-advance economy***by*Huo, Teh-Ming**845-856 A note on short-term intersectoral factor immobility***by*van Wincoop, Eric**857-862 Imperfect competition and international trade***by*Bjorksten, Neil**863-867 Wicksell's monetary theory***by*Hernandez-Aramburo, Luis A.**869-872 Theorists of economic growth from David Hume to the present***by*Mongardini, Joannes

### 1995, Volume 19, Issue 3

**457-480 Optimal portfolio and consumption decisions in a stochastic environment with precommitment***by*Ehrlich, Isaac & Hamlen, William Jr.**481-501 Robust economic models***by*Lady, George M.**503-531 Seasonality and equilibrium business cycle theories***by*Braun, R. Anton & Evans, Charles L.**533-551 Ex post heterogeneity and the business cycle***by*Cho, Jang-Ok**553-568 An alternative approach to stochastic calculus for economic and financial models***by*Blenman, L. P. & Cantrell, R. S. & Fennell, R. E. & Parker, D. F. & Reneke, J. A. & Wang, L. F. S. & Womer, N. K.**569-597 Arbitrage pricing and the stochastic inflation tax in a multisector monetary economy***by*Reffett, Kevin L.**599-619 A turnpike theorem for continuous-time optimal-control models***by*Montrucchio, Luigi**621-653 Endowments, stability, and fluctuations in OG models***by*Ghiglino, Christian & Tvede, Mich**655-661 No-trade and uniqueness of steady states***by*Ghiglino, Christian & Tvede, Mich

### 1995, Volume 19, Issue 1-2

**3-37 Massively parallel computation of spatial price equilibrium problems as dynamical systems***by*Nagurney, Anna & Takayama, Takashi & Zhang, Ding**39-50 Adjustment costs and indeterminacy in perfect foresight models***by*Georges, Christophre**51-57 Multiperiod competition with switching costs solution by Lagrange multipliers***by*Chow, Gregory C.**59-89 A generalized variance bounds test with an application to the Holt et al. inventory model***by*Kollintzas, Tryphon**91-124 On the cyclical allocation of risk***by*Gomme, Paul & Greenwood, Jeremy**125-153 Real effects of monetary policy in a world economy***by*Miller, Preston J. & Todd, Richard M.**155-179 Cycles and chaos in a socialist economy***by*Hommes, Cars H. & Nusse, Helena E. & Simonovits, Andras**181-206 Search, evolution, and money***by*Wright, Randall**207-235 Growth and research and development***by*Muniagurria, Maria E.**237-251 A finite horizon monetary economy***by*Kultti, Klaus**253-278 Effects of the Hodrick-Prescott filter on trend and difference stationary time series Implications for business cycle research***by*Cogley, Timothy & Nason, James M.**279-302 Stochastic saddlepoint systems Stabilization policy and the stock market***by*Miller, Marcus & Weller, Paul**303-325 Efficiency and optimality in stochastic models with production***by*Bertocchi, Graziella & Kehagias, Athanasios**327-350 Irreversible investment with uncertainty and scale economies***by*Dixit, Avinash**351-369 Optimality conditions and comparative statics for horizon and endpoint choices in optimal control theory***by*Caputo, Michael R. & Wilen, James E.**371-393 A dynamic model of capital and arms accumulation***by*Zou, Heng-fu**395-419 Fiscal policy in a simple two-country dynamic model***by*Bianconi, Marcelo**421-439 Tax rate uncertainty and the sensitivity of consumption to income in an overlapping generations model***by*Basu, Parantap**441-455 Income redistributions without catastrophes***by*Garratt, Rod & Goenka, Aditya

### 1994, Volume 18, Issue 6

**1051-1068 A recursive forward simulation method for solving nonlinear rational expectations models***by*Imrohoroglu, Selahattin**1069-1092 Parametric continuity in dynamic programming problems***by*Dutta, Prajit K. & Majumdar, Mukul K. & Sundaram, Rangarajan K.**1093-1119 Present value models with feedback : Solutions, stability, bubbles, and some empirical evidence***by*Timmermann, Allan**1121-1142 The cyclical behavior of job and worker flows***by*Mortensen, Dale T.**1143-1171 Changes in seasonal patterns : Are they cyclical?***by*Canova, Fabio & Ghysels, Eric**1173-1187 Public investment in infrastructure in a simple growth model***by*Glomm, Gerhard & Ravikumar, B.**1189-1198 On the effects of the distribution of initial endowments in a nonrenewable resource duopoly***by*Gaudet, Gerard & Long, Ngo Van**1199-1202 On income fluctuations and capital gains with a convex production function A note***by*Roy, Santanu

### 1994, Volume 18, Issue 5

**909-929 Consumption and investment under constraints***by*Bardhan, Indrajit**931-955 Threshold heteroskedastic models***by*Zakoian, Jean-Michel**957-974 Turnpike theory : Some new results on the saddle point property of equilibria and on the existence of endogenous cycles***by*Cartigny, Pierre & Venditti, Alain**975-990 Nonconcavity and proper optimal periodic control***by*Han, Mu & Feichtinger, Gustav & Hartl, Richard F.**991-1010 Consumption/pollution tradeoffs in an environment vulnerable to pollution-related catastrophic collapse***by*Clarke, Harry R. & Reed, William J.**1011-1035 General equilibrium in an economy with exhaustible resources and an unbounded horizon***by*van Geldrop, Jan H. & Withagen, Cees A. A. M.**1037-1039 Macro systems: The dynamics of economic policy : Elias Karakitsos, (Basil Blackwell Publishers, Oxford, UK, 1992) HB [UK pound]50 / SB [UK pound]17.95, 335 pp***by*Cuthbertson, K. & Nitzsche, D.**1041-1043 Fractals, chaos, power laws: Minutes from an infinite paradise : Manfred Schroeder, (W.H. Freeman, New York, NY, 1991) $32.95, 429 pp***by*Abraham, Ralph H.**1045-1049 Models of my life : Herbert A. Simon, (Basic Books, New York, NY, 1991) $26.95, 415 pp***by*Brink, Helge

### 1994, Volume 18, Issue 3-4

**511-538 A dynamic migration model with uncertainty***by*El-Gamal, Mahmoud A.**539-560 Bankruptcy and expected utility maximization***by*Dutta, Prajit K.**561-579 Investment, uncertainty, and price stabilization schemes***by*Smith, William T.**581-599 Incentives, insurance, and the variability of consumption and leisure***by*Phelan, Christopher**601-628 Testing the term structure of interest rates using a stationary vector autoregression with regime switching***by*Sola, Martin & Driffill, John**629-670 Liquidity and market participation***by*Williamson, Stephen D.**671-697 The term structure of interest rates over the business cycle***by*Labadie, Pamela**699-729 Fiscal policy coordination and EMU : A dynamic game approach***by*Levine, Paul & Brociner, Andrew**731-761 Monetary and fiscal policy in a second-order continuous time macroeconometric model of the United Kingdom***by*Bergstrom, A. R. & Nowman, K. B. & Wandasiewicz, S.**763-779 Loss of monetary discretion in a simple dynamic policy game***by*Jensen, Henrik**781-805 Dynamic path controllability in economic models : From linearity to nonlinearity***by*Maas, W. C. A. & Nijmeijer, H.**807-813 A note on a new class of solutions to dynamic programming problems arising in economic growth***by*Benhabib, Jess & Rustichini, Aldo**815-848 Economic growth, financial evolution, and the long-run behavior of velocity***by*Ireland, Peter N.**849-864 Heterogeneous agents in quantitative aggregate economic theory***by*Kydland, Finn E.**865-877 New macroeconomic modeling approaches : Hierarchical dynamics and mean-field approximation***by*Aoki, Masanao**879-895 Smooth dynamics and computation in models of economic growth***by*Santos, Manuel S.**897-908 Estimation and inference in the linear-quadratic inventory model***by*West, Kenneth D. & Wilcox, David W.

### 1994, Volume 18, Issue 2

**299-316 On the existence of universally convergent mechanisms***by*Bala, Venkatesh & Kiefer, Nicholas M.**317-344 Turnpikes and computation of piecewise open-loop equilibria in stochastic differential games***by*Haurie, Alain & Roche, Michel**345-352 Another method for solving the problem of stochastic process switching***by*El Babsiri, Mohamed**353-380 Limit cycles in intertemporal adjustment models : Theory and applications***by*Feichtinger, Gustav & Novak, Andreas & Wirl, Franz**381-396 Convergence of equilibria in an intertemporal general equilibrium model : A dynamical system approach***by*Hadji, Ismail & Le Van, Cuong**397-410 Big shocks versus small shocks in a dynamic stochastic economy with many interacting agents***by*Kelly, Morgan**411-432 Employment and hours over the business cycle***by*Cho, Jang-Ok & Cooley, Thomas F.**433-465 Aggregate fluctuations, interest rates, and repeated insurance under private information***by*Taub, Bart**467-480 Durbin-Hausman tests for cointegration***by*Choi, In**481-497 An economic analysis of the age-crime profile***by*Leung, Siu Fai**499-509 Modelling changing lag patterns in Dutch construction***by*Merkies, Arnold H. Q. M. & Steyn, Ivo J.

### 1994, Volume 18, Issue 1

**3-28 Genetic algorithm learning and the cobweb model***by*Arifovic, Jasmina**29-60 Auctions as algorithms : Computerized trade execution and price discovery***by*Domowitz, Ian & Wang, Jianxin**61-96 Characterizing effective trading strategies : Insights from a computerized double auction tournament***by*Rust, John & Miller, John H. & Palmer, Richard**97-118 A general framework for supervised learning : Probably almost Bayesian algorithms***by*Bochereau, L. & Bourgine, P. & Deffuant, G.**119-124 Active learning Monte Carlo results***by*Amman, Hans M. & Kendrick, David A.**125-147 Robust optimal decisions with stochastic nonlinear economic systems***by*Becker, R. & Hall, S. & Rustem, B.**149-160 A note on computing competitive equilibria in linear models***by*McGrattan, Ellen R.**161-184 Variational inequalities in the analysis and computation of multi-sector, multi-instrument financial equilibria***by*Nagurney, Anna**185-203 Modifications to the subroutine OPALQP for dealing with large problems***by*Bartholomew-Biggs, M. C. & Hernandez, M. deF. G.**205-230 Bounded rationality : A Simon-like explication***by*Lilly, Gregory**231-249 Risk, uncertainty, and complexity***by*Norman, Alfred L. & Shimer, David W.**251-271 Causal reasoning and explanation in dynamic economic systems***by*Berndsen, Ron & Daniels, Hennie**273-297 A linear and discrete programming framework for representing qualitative knowledge***by*Hadjiconstantinou, Eleni & Mitra, Gautam

### 1993, Volume 17, Issue 5-6

**705-721 On the preservation of deterministic cycles when some agents perceive them to be random fluctuations***by*Evans, George W. & Honkapohja, Seppo & Sargent, Thomas J.**723-758 A dynamic equilibrium model of search, production, and exchange***by*Boldrin, Michele & Kiyotaki, Nobuhiro & Wright, Randall**759-769 Devil's staircase and chaos from macroeconomic mode interaction***by*Larsen, Erik Reimer & Morecroft, John D. W. & Thomsen, Jesper Skovhus & Mosekilde, Erik**771-784 Nonparametric search***by*Chou, Chien-fu & Talmain, Gabriel**785-803 Investment, confidence, and linear-exponential-Gaussian control***by*Dorfman, Jeffrey H.**805-827 Periodic learning about a hidden state variable***by*Balvers, Ronald J. & Cosimano, Thomas F.**829-846 Rational bubbles : A test***by*Craine, Roger**847-864 Theoretical tests of the rational expectations hypothesis in economic dynamical models***by*Guesnerie, Roger**865-876 Recursiveness and preference orderings***by*Lilly, Gregory**877-886 The dynamic efficiency of capitalism***by*Seierstad, Atle**887-906 A preference foundation for log mean-variance criteria in portfolio choice problems***by*Luenberger, David G.**907-928 Multiple capital inputs, Q, and investment spending***by*Chirinko, Robert S.**929-951 Markov-perfect equilibria in intergenerational games with consistent preferences***by*Streufert, Peter A.**953-969 The risk-free rate in heterogeneous-agent incomplete-insurance economies***by*Huggett, Mark**971-991 On R&D timing under uncertainty : The case of exhaustible resource substitution***by*Hung, N. M. & Quyen, N. V.

### 1993, Volume 17, Issue 4

**531-553 Learning about monetary regime shifts in an overlapping wage contract model***by*Fuhrer, Jeffrey C. & Hooker, Mark A.**555-569 Market risk and asset prices***by*Smith, R. Todd**571-588 Monetary policy and interest rates : An adaptive estimator approach***by*Furno, Marilena**589-620 International transmission of monetary and fiscal policy : A symmetric N-country analysis with union***by*Fukuda, Shin-ichi**621-630 Optimal control without solving the Bellman equation***by*Chow, Gregory C.**631-658 Admissible target paths in economic models***by*Engwerda, Jacob C.**659-678 A cooperative incentive equilibrium for a resource management problem***by*Ehtamo, Harri & Hamalainen, Raimo P.**679-704 Entry deterrence and overexploitation of the fishery***by*Crabbe, Philippe & Van Long, Ngo

### 1993, Volume 17, Issue 3

**327-353 Competition, collusion, and chaos***by*Keenan, Donald C. & O'Brien, Mike J.**355-383 Bayesian economists ... Bayesian agents : An alternative approach to optimal learning***by*El-Gamal, Mahmoud A. & Sundaram, Rangarajan K.**385-399 Analysis of US real GNP and unemployment interactions : State space approach***by*Aoki, Masanao & Fiorito, Riccardo**401-421 A solution to the positivity problem in the state-space approach to modeling vector-valued time series***by*Vaccaro, Richard J. & Vukina, Tomislav**423-441 The sustainability of current account deficits : A test of the US intertemporal budget constraint***by*Wickens, M. R. & Uctum, Merih**443-465 Optimal income tax in a monetary economy***by*Miller, Preston J.**467-494 Borrowing constraints and two-sided altruism with an application to social security***by*Altig, David & Davis, Steven J.**495-517 Interruptible electric power service contracts***by*Tan, Chin-Woo & Varaiya, Pravin**519-522 Searching for certainty : Book review***by*Day, Richard H.**523-529 Neural networks and fuzzy systems : Book review***by*Zambelli, Stefano

### 1993, Volume 17, Issue 1-2

**1-36 Risk, the financial market, and macroeconomic equilibrium***by*Grinols, Earl L. & Turnovsky, Stephen J.**37-50 On testing the intertemporal substitution theory of labor supply***by*Rogerson, Richard & Rupert, Peter**51-64 Relaxing the cash-in-advance constraint at a fixed cost Are simple trigger-target portfolio rules optimal?***by*Corbae, Dean**65-96 Long-run equilibria with borrowing constraints and altruism***by*Laitner, John**97-122 Some consequences of credit rationing in an endogenous growth model***by*Bencivenga, Valerie R. & Smith, Bruce D.**123-151 Perfect equilibrium timing of a backstop technology Limit pricing induced by trigger zones***by*Olsen, Trond E.**153-180 Optimal dynamic investment policies under concave-convex adjustment costs***by*Jorgensen, Steffen & Kort, Peter M.**181-205 The role of the target saving motive in guest worker migration A theoretical study***by*Berninghaus, Siegfried & Seifert-Vogt, Hans Gunther**207-231 Low frequency filtering and real business cycles***by*King, Robert G. & Rebelo, Sergio T.**233-261 Modelling and forecasting exchange rates with a Bayesian time-varying coefficient model***by*Canova, Fabio**263-287 Estimation of simultaneous equation models with stochastic trend components***by*Streibel, Mariane & Harvey, Andrew**289-317 Testing for sunspot equilibria in the German hyperinflation***by*Imrohoroglu, Selahattin

### 1992, Volume 16, Issue 3-4

**403-426 Theory of constant proportion portfolio insurance***by*Black, Fischer & Perold, AndreF.**427-449 Labor supply flexibility and portfolio choice in a life cycle model***by*Bodie, Zvi & Merton, Robert C. & Samuelson, William F.**451-489 Periodic market closure and trading volume : A model of intraday bids and asks***by*Brock, William A. & Kleidon, Allan W.**491-507 A continuous-time portfolio turnpike theorem***by*Cox, John C. & Huang, Chi-fu**509-532 The equity premium and the allocation of income risk***by*Danthine, Jean-Pierre & Donaldson, John B. & Mehra, Rajnish**533-559 Banking in computable general equilibrium economies***by*Diaz-Gimenez, Javier & Prescott, Edward C. & Fitzgerald, Terry & Alvarez, Fernando**561-573 Pricing continuously resettled contingent claims***by*Duffie, Darrell & Stanton, Richard**575-599 Investments in flexible production capacity***by*He, Hua & Pindyck, Robert S.**601-620 The effects of incomplete insurance markets and trading costs in a consumption-based asset pricing model***by*Heaton, John & Lucas, Deborah**621-653 Exit, selection, and the value of firms***by*Hopenhayn, Hugo A.**655-680 Market efficiency and inefficiency in rational expectations equilibria : Dynamic effects of heterogeneous information and noise***by*Hussman, John P.**681-712 Optimal consumption and portfolio rules with intertemporally dependent utility of consumption***by*Ingersoll, Jonathan Jr.**713-745 Term premia in a simple term structure model***by*Kihlstrom, Richard E.**747-768 Explicit solution of a general consumption/portfolio problem with subsistence consumption and bankruptcy***by*Sethi, Suresh P. & Taksar, Michael I. & Presman, Ernst L.**769-790 Equilibrium asset prices with undiversifiable labor income risk***by*Weil, Philippe

### 1992, Volume 16, Issue 2

**193-206 Sunspot-like effects of random endowments***by*Manuelli, Rodolfo & Peck, James**207-223 Irreversibility and the behavior of aggregate stochastic growth models***by*Dow, James Jr. & Olson, Lars J.**225-241 On dynamics with time-to-build investment technology and non-time-separable leisure***by*Ioannides, Yannis M. & Taub, Bart**243-266 Endogenous cycles with long-lived agents***by*Reichlin, Pietro**267-287 Strategic dynamic interaction : Fish wars***by*Fischer, Ronald D. & Mirman, Leonard J.**289-315 Import price adjustments with staggered import contracts***by*Kollintzas, Tryphon & Zhou, Ruilin**317-337 Nominal price stickiness as a rational expectations equilibrium***by*Farmer, Roger E. A.**339-357 Reputational and nonreputational policies under partial information***by*Pearlman, Joseph G.**359-387 International monetary and fiscal policy cooperation in the presence of wage inflexibilities : Are both counterproductive?***by*Sheen, Jeffrey**389-390 Chaotic economic dynamics by Richard M. Goodwin : A book review***by*Day, Richard H.**391-398 Seven schools of macroeconomic thought by E.S. Phelps : A book review***by*Woodford, Michael

### 1992, Volume 16, Issue 1

**1-25 Equilibrium interest-rate determination under adjustment costs***by*Novales, Alfonso**27-38 Efficiency in economic growth models under uncertainty***by*Zilcha, Itzhak**39-51 On optimal timing of investment when cost components are additive and follow geometric diffusions***by*Olsen, Trond E. & Stensland, Gunnar**53-78 Impulse response analysis of cointegrated systems***by*Lutkepohl, Helmut & Reimers, Hans-Eggert**79-91 The welfare cost of inflation under imperfect insurance***by*Imrohoroglu, Ayse**93-108 Optimal simulation with econometric models***by*Damiani, Mirella & Panattoni, Lorenzo**109-116 Nonstationary model solution techniques and the USA algorithm: Some practical experience***by*Fisher, P. G. & Hughes Hallett, A. J.**117-138 The endogenous stability of economic systems: The case of many agents***by*Karp, Larry S.**139-145 Note on 'Nash and Stackelberg solutions in a differential game model of capitalism'***by*de Zeeuw, Aart**147-164 Monetary policy games, inflationary bias, and openness***by*Hardouvelis, Gikas A.**165-173 Changes in regime and the term structure: A note***by*Driffill, John**175-190 The state of economic dynamics: A review essay***by*Mizrach, Bruce

### 1991, Volume 15, Issue 4

**607-626 Real business-cycle theory : Wisdom or whimsy?***by*Eichenbaum, Martin**627-656 Credible public policy***by*Stokey, Nancy L.**657-673 A simplified treatment of the theory of optimal regulation of Brownian motion***by*Dixit, Avinash**675-685 Super contact and related optimality conditions***by*Dumas, Bernard**687-713 On the convergence of Bayesian posterior processes in linear economic models Counting equations and unknowns***by*Nyarko, Yaw**715-730 Technical analysis for portfolio trading by syntactic pattern recognition***by*Pau, L. F.**731-740 Derivation of the unconditional state-covariance matrix for exact maximum-likelihood estimation of ARMA models***by*Mittnik, Stefan