This paper argues that the typical household’s saving is better described by a “bufferstock” version than by the traditional version of the Life Cycle/Permanent Income Hypothesis (LC/PIH) model. Buffer-stock behavior emerges if consumers with important income uncertainty are sufficiently impatient

A growth model with shocks to technology is studied. Labor is indivisible, so all variability in hours worked is due to fluctuations in the number employed. We find that, unlike previous equilibrium models of the business cycle, this economy displays large fluctuations in hours worked

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I develop a general equilibrium model with sticky prices, credit constraints, nominal loans and asset prices. Changes in asset prices modify agents ’ borrowing capacity through collateral value; changes in nominal prices affect real repayments through debt deflation. Monetary policy shocks move

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While knowledge is viewed by many as an asset, it is often difficult to locate particular items within a large electronic corpus. This paper presents an agent based framework for the location of resources to resolve a specific query, and considers the associated design issue. Aspects of the work

This paper provides an overview of the STATEMATE system, constructed over the past several years by the authors and their colleagues at Ad Cad Ltd., the R&D subsidiary of i-Logix, Inc. STATEMATE is a set of tools, with a heavy graphical orientation, in- tended for the specification, analysis

In this overview paper we motivate the need for and research issues arising from a new model of data processing. In this model, data does not take the form of persistent relations, but rather arrives in multiple, continuous, rapid, time-varying data streams. In addition to reviewing past work

Performance modelling is concerned with the capture and analysis of the dynamic behaviour of computer and communication systems. The size and complexity of many modern systems result in large, complex models. A compositional approach decomposes the system into subsystems that are smaller and more

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