Minimum Weighted Residual Methods in Endogeneous Growth Models
AbstractThe paper deals with the application of Minimum Weighted Residual Methods (MWR) in intertemporal optimizing models of endogenous economic growth. In the 1st part of the paper the basics of the MWR method are described. Attention is mainly concentrated on one special class of MWR methods: the orthogonal collocation method with the Chebyshev polynomial basis. The second part of the paper is devoted to the setup of a model of endogenous growth with human capital accumulation and the government sector and to the derivation of 1st order conditions which form a Two-Point-Boundary-Value problem. A transformation of the problem which eliminates the growth in variables is then presented and the MWR method is used to solve the model for some policy experiments.
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Bibliographic InfoPaper provided by The Center for Economic Research and Graduate Education - Economic Institute, Prague in its series CERGE-EI Working Papers with number wp155.
Date of creation: May 2000
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Other versions of this item:
- Michal Kejak, 2001. "Minimum Weighted Residual Methods in Endogeneous Growth Models," Development and Comp Systems 0012013, EconWPA.
- C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
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- Radim Bohacek & Michal Kejak, 2005. "Projection Methods for Economies with Heterogeneous Agents," CERGE-EI Working Papers, The Center for Economic Research and Graduate Education - Economic Institute, Prague wp258, The Center for Economic Research and Graduate Education - Economic Institute, Prague.
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