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General Equilibrium Models - Numerical Method and Stability

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  • Lappeteläinen, Antti

Abstract

Dynamic general equilibrium models are studied from a mathematical point of view. Study concentrates on conditions of optimality, stability and especially numerical solution algorithms. Models are also studied in respect of suitability for expanding the generational accounting method. In addition to Ramsey model two dynamic self-made models are presented, one of which uses the overlapping generations structure. Technological process is simulated with these models using various numerical methods. Also methods of analysing stability properties are presented and executed. At the end of the study several weaknesses of the general equilibrium analysis and suggestions how to overcome these weaknesses are discussed and a model structure suitable for expanding the generational accounting is presented.

Suggested Citation

  • Lappeteläinen, Antti, 1995. "General Equilibrium Models - Numerical Method and Stability," Research Reports 26, VATT Institute for Economic Research.
    • Handle: RePEc:fer:resrep:26
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    File URL: https://www.doria.fi/handle/10024/148587
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