This paper develops a general model of experimentation under catastrophe risk in which the catastrophe is triggered when a stock variable exceeds an unknown threshold, but occurs only after a …
PublishedJournal of Monetary EconomicsOnline 1 Apr 2026Published Apr 2026
The paper asks whether an explicit, global, closed-form solution exists for the consumption function in the standard income fluctuation problem with a borrowing constraint and constant income, a …
PublishedClassicPhilosophical Transactions of the Royal Society A: Mathematical, Physical and Engineering SciencesOnline 13 Nov 2014Published Nov 2014
Written explicitly to get mathematicians interested in macroeconomics, this review collects the systems of coupled nonlinear partial differential equations that arise once a macro model tracks a whole …
PublishedClassicQuarterly Journal of EconomicsPublished Nov 1952
This 1952 Quarterly Journal of Economics paper by William J. Baumol applies inventory-control theory to the transactions demand for cash, modeling an individual who withdraws cash in evenly spaced …