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Parametric Path Method: An alternative to Fair-Taylor and L-B-J for solving perfect foresight models

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  • Kenneth L. Judd

Abstract

The parametric path method applies projection methods to compute the equilibrium path of economic variables in infinite-horizon dynamic models. We exploit the special structure of economic time paths common in such models. This structure drastically reduces dimensionality and reduces computing time. We apply the parametric method to a simple example which illustrates how one applies the ideas to produce an efficient implementation.

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Bibliographic Info

Paper provided by Society for Computational Economics in its series Computing in Economics and Finance 2001 with number 112.

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Date of creation: 01 Apr 2001
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Handle: RePEc:sce:scecf1:112

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Web page: http://www.econometricsociety.org/conference/SCE2001/SCE2001.html
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Keywords: dynamic models; projection methods;

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Cited by:
  1. Bruha, Jan & Podpiera, Jirí, 2007. "Inquiries on dynamics of transition economy convergence in a two-country model," Working Paper Series 0791, European Central Bank.
  2. Bruha, Jan & Podpiera, Jirí, 2007. "Transition economy convergence in a two-country model: implications for monetary integration," Working Paper Series 0740, European Central Bank.
  3. Jan Bruha & Jiri Podpiera & Stanislav Polák, 2007. "The Convergence Dynamics of a Transition Economy," IMF Working Papers 07/116, International Monetary Fund.

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