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Multiple Shooting in Rational Expectations Models / David Lipton, James M. Poterba, Jeffrey Sachs, Lawrence H. Summers.
- Format:
- Book
- Author/Creator:
- Lipton, David.
- Series:
- Technical Working Paper Series (National Bureau of Economic Research) no. t0003.
- NBER technical working paper series no. t0003
- Language:
- English
- Subjects (All):
- Econometrics.
- Economic forecasting.
- Economics--Mathematical models.
- Economics.
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1983.
- Cambridge, Massachusetts : National Bureau of Economic Research, 1983.
- Summary:
- This note describes an algorithm for the solution of rational expectations models with saddlepoint stability properties. The algorithm is based on the method of multiple shooting, which is widely used to solve mathematically similar problems in the physical sciences. Potential applications to economics include models of capital accumulation and valuation, money arid growth, exchange rate determination, and macroeconomic activity. In general, whenever an asset price incorporates information about the future path of key variables, solution algorithms of the type we consider are applicable.
- Notes:
- Print version record
- June 1983.
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