Solving Large Scale Rational Expectations Models / Jess Gaspar, Kenneth L. Judd.

Format:

Book

Author/Creator:

Gaspar, Jess.

Contributor:

National Bureau of Economic Research.

Judd, Kenneth L.

Series:

Technical Working Paper Series (National Bureau of Economic Research) no. t0207.

NBER technical working paper series no. t0207

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 1997.

Summary:

We explore alternative approaches to numerical solutions of large rational expectations models. We discuss and compare several current alternatives, focussing on the tradeoffs in accuracy, space, and speed. The models range from representative agent models with many goods and capital stocks, to models of heterogeneous agents with complete or incomplete asset markets. The methods discussed include perturbation and projection methods. We show that these methods are capable of analyzing moderately large models even when we use only elementary, general purpose numerical methods.

Notes:

Print version record

February 1997.