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Papers related to:  Macroeconomics

The United Arab Emirates: Some Lessons in Economic Development, Working Paper

Nyarko, Y. (2010). The United Arab Emirates: Some Lessons in Economic Development, Working Paper (No. 2010/11). World Institute for Development Economics Research. Republished in Achieving Development Success: Strategies and Lessons from the Developing World, edited by Augustin K. Fosu, Oxford University Press, 2013.

Oil was discovered in the United Arab Emirates (UAE) just 50 years ago. During that time, UAE has ben able to transform itself into a rapidly modernizing country, which is fast becoming a major economic hub and a key player on the international economic landscape.

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Optimal Growth with Unobservable Resources and Learning

Nyarko, Y., & Olson, L. J. (1996). Optimal Growth with Unobservable Resources and Learning. Journal of Economic Behavior & Organization, 29(3), 465-491.

This paper examines the problem of choosing optimal resource consumption from an imperfectly observable aggregate capital, wealth, or resource stock with the decision-maker learns about over time.

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Stochastic Dynamic Models with Stock-Dependent Rewards

Nyarko, Y., & Olson, L. J. (1991). Stochastic Dynamic Models with Stock-Dependent Rewards. Journal of Economic Theory, 55(1), 161-168.

We examine the behavior of optimal consumption and investment policies in aggregate stochastic growth models when utility depends on both consumption and the stock level…

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On the Existence of Optimal Processes in Non-Stationary Environments

Mitra, T., & Nyarko, Y. (1991). On the Existence of Optimal Processes in Non-Stationary Environments. Journal of Economics, 53(3), 245-270.

We consider an aggregative model of intertemporal allocation under uncertainty, in which the utility and production functions are allowed to be time dependent, the random shocks occurring in each period are entirely arbitrary…

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Dynamic Optimization under Uncertainty: Non-Convex Feasible Set

Majumdar, M., Mitra, T., & Nyarko, Y. “Dynamic Optimization under Uncertainty: Non-Convex Feasible Set.” Joan Robinson and Modern Economic Theory, edited by George Feiwel, Macmillan Press, 545-590, 1989.

The object of the book is refinement, not reconstruction; it is study in ‘pure theory.’ The motive back of its presentation is twofold…

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On Characterizing Optimality of Stochastic Competitive Processes

Nyarko, Y. (1988). On Characterizing Optimality of Stochastic Competitive Processes. Journal of Economic Theory, 45(2), 316-329. Reprinted in Decentralization in Infinite Horizon Economies, edited by Mukul Majumdar, Westview Press, 100-113, 1992.

A condition is provided to replace the transversality condition in characterizing the optimality of competitive processes…

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