We found that this relationship is episodically unstable. We also found that an equilibrium-distorting shock is likely to have a greater effect on the exchange rate during periods when the deviation between exchange rate and fundamentals is large; as a consequence, when the exchange rate is close...
In Section 2.7, for a single nonlinear differential equation, we described a saddle-node bifurcation, a situation in which two equilibrium solutions collide and annihilate each other. One of the solutions is unstable (the saddle), while the other (the node) is stable. Now we'll see what thi...
This study investigates the relationship between the euro--dollar exchange rate and its underlying fundamentals by adopting nonlinear time series modelling. We found that this relationship is episodically unstable. We also found that an equilibrium-distorting shock is likely to have a greater effect on...
The equilibrium point is stable if the real parts of all eigenvalues are negative and is unstable otherwise. Equivalently, the equilib- rium point is stable if the largest real part of all eigenvalues, which we shall refer to as the maximum real eigen- value, is negative and unstable ...
Energy-only markets have an inherently unstable equilibrium, even under ideal conditions, because participants are unable to optimise VoLL events. The addi... P Simshauser - 《Energy Economics》 被引量: 6发表: 2018年 Policies for reasonable system integration of renewable energy sources in Austria...
Learning in games with unstable equilibria We propose a new concept for the analysis of games, the TASP, which gives a precise prediction about non-equilibrium play in games whose Nash equilibria are mixed and are unstable under fictitious play-like learning. We show that, when p... M Bena...
The equilibrium point is stable if all real parts of the eigenvalues of B are negative and unstable otherwise. Henceforth in this paper, we may refer to B being stable or unstable when we actually mean the equilibrium point associated with B being stable or unstable respectively. The matrix ...
1. The target was adopted recently, in 2005. 2. The target range is 2% to 7%, an unusually wide range. 3. Brazil’s economy is far more unstable than the US or Eurozone. That matters if it is a flexible inflation target. The major overshoot occurred during the severe recession of 201...
The fuzzy rule-base is designed following the fuzzy Lyapunov synthesis, allowing to guarantee stability of the closed-loop system equilibrium point, minimizing heuristics in the fuzzy controller design stage. An important result of this paper is that the dynamic model of the Furuta pendulum it is ...
Hence, we need a model which, while allowing individuals to exploit the wisdom of crowds, accounts for its effectiveness at equilibrium and for persistent within-group heterogeneity. These two phenomena are actually intertwined. The wisdom of crowds effect is contingent on some opinion diversity in ...