Related papers: Explicit Consumption Functions with Borrowing Cons…
In this paper we consider the problem of optimizing lifetime consumption under a habit formation model. Our work differs from previous results, because we incorporate mortality and pension income. Lifetime utility of consumption makes the…
We develop a perfect foresight method to solve models with an interest rate lower bound constraint that nests OccBin/DynareOBC and \cite{Eggertsson2010}'s as well as \cite{Mertens2014}'s pen and paper solutions as special cases. Our method…
In this paper I extend the work of Bernhardt and Donnelly (2019) dealing with modern explicit tontines, as a way of providing income under a specified bequest motive, from a defined contribution pension pot. A key feature of the present…
The equations for quintessential $\alpha$-attractor inflation with a single scalar field, radiation and matter in a spatially flat FLRW spacetime are recast into a regular dynamical system on a compact state space. This enables a complete…
In the standard formulation of the occupancy problem one considers the distribution of r balls in n cells, with each ball assigned independently to a given cell with probability 1/n. Although closed form expressions can be given for the…
A financial market model with general semimartingale asset-price processes and where agents can only trade using no-short-sales strategies is considered. We show that wealth processes using continuous trading can be approximated very…
The recent observations from CMB have imposed a very stringent upper-limit on the tensor/scalar ratio $r$ of inflation models, $r < 0.064$, which indicates that the primordial gravitational waves (PGW), even though possible to be detected,…
Warm inflationary universe models in the context of intermediate expansion, between power law and exponential, are studied. General conditions required for these models to be realizable are derived and discussed. This study is done in the…
We study the dual 3d Euclidean RG flow of single-field slow-roll Inflation using the postulates of the dS/CFT correspondence. For that purpose we solve for the inflationary fluctuation at all times using a matching procedure between two…
We propose a new model for the joint evolution of the European inflation rate, the European Central Bank official interest rate and the short-term interest rate, in a stochastic, continuous time setting. We derive the valuation equation for…
We use cosmic microwave background (CMB) data from the 9-year WMAP release to derive constraints on monodromy inflation, which is characterized by a linear inflaton potential with a periodic modulation. We identify two possible periodic…
We develop a potential-independent cosmographic framework, in which cosmographic parameters are promoted to dynamical variables within a closed autonomous system. Although the cosmographic hierarchy is formally infinite, we achieve closure…
In this paper we study a utility maximization problem with both optimal control and optimal stopping in a finite time horizon. The value function can be characterized by a variational equation that involves a free boundary problem of a…
In the framework of a flat FLRW model we derive an inflationary regime in which the scalar field, laying on the plateau of its potential, admits a linear time dependence and remains close to a constant value. The behaviour of inhomogeneous…
We present here the effective theory of inflation `a la Ginsburg-Landau in which the inflaton potential is a polynomial. The slow-roll expansion becomes a systematic 1/N expansion where N ~ 60. The spectral index and the ratio of…
This paper studies an optimal investment and consumption problem with heterogeneous consumption of basic and luxury goods, together with the choice of time for retirement. The utility for luxury goods is not necessarily a concave function.…
Recently a broad class of superconformal inflationary models was found leading to a universal observational prediction $n_s=1-2/N$ and $r=12/N^2$. Here we generalize this class of models by introducing a parameter $\alpha$ inversely…
We study an optimal investment/consumption problem in a model capturing market and credit risk dependencies. Stochastic factors drive both the default intensity and the volatility of the stocks in the portfolio. We use the martingale…
Slow-roll inflation is studied as an effective field theory.We find as consistent form of the inflaton potential V(phi)=N M^4 w(phi/[sqrt{N}M_P]) where phi is the inflaton field, M the inflation energy scale, M_P the Planck mass, and N~50…
Large monetary expansions do not necessarily generate consumer-price inflation, challenging scalar views of "money supply." Here we propose that monetary function is phase-dependent: newly issued base money can occupy distinct functional…