We obtain a recursive formulation for a general class of contracting problems involving incentive constraints. Under these constraints, the corresponding maximization (sup) problems fails to have a recursive solution. Our ...

Esta tesis elabora una caracterización teórica de problemas de agencia dinámicos, basada en métodos recursivos duales. Respecto a las actuales estrategias de solución, la mayor ventaja de mi método es la posibilidad de ...

A new algorithm called the parameterized expectations approach (PEA) for solving dynamic stochastic models under rational expectations is developed and its advantages and disadvantages are discussed. This algorithm can, ...

Many empirical studies of business cycles have followed the practise of applying the Hodrick-Prescott filter for cross-country comparisons. The standard procedure is to set the weight \lambda, which determines the 'smoothness' ...

En el primer capítulo de la tesis se estudian las propiedades dinámicas de un contrato de crédito sostenible # es decir, robusto a episodios de insolvencia # entre una institución financiera y deudores soberanos que pueden ...