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A Simple and Intuitive Method to Solve Small Rational Expectations Models

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  • Holger Strulik

    ()

  • Martin Brunner

    ()

Abstract

We present a non-linear solution method of saddlepoint dynamics in discrete time optimization problems. It is based on the backward attractivity of the stable manifold and is very easy to implement. After an introduction to the general method we present two applications. First we consider the deterministic neoclassical growthmodel and demonstrate accuracy and stability of the method. Second we solve a basic real business cycle model.

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Bibliographic Info

Paper provided by Hamburg University, Department of Economics in its series Quantitative Macroeconomics Working Papers with number 20106.

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Date of creation: Jun 2001
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Handle: RePEc:ham:qmwops:20106

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Keywords: Saddlepoint Problems; Non-linear Dynamics; Stochastic Economic Growth;

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