Parametric Path Method: An alternative to Fair-Taylor and L-B-J for solving perfect foresight models
AbstractThe 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 InfoPaper provided by Society for Computational Economics in its series Computing in Economics and Finance 2001 with number 112.
Date of creation: 01 Apr 2001
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dynamic models; projection methods;
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- C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
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- Bruha, Jan & Podpiera, Jirí, 2007.
"Inquiries on dynamics of transition economy convergence in a two-country model,"
Working Paper Series
0791, European Central Bank.
- Jiri Popiera & Jan Bruha, 2007. "Inquiries on Dynamics of Transition Economy Convergence in a Two-Country Model," 2007 Meeting Papers 587, Society for Economic Dynamics.
- Bruha, Jan & Podpiera, Jirí, 2007. "Transition economy convergence in a two-country model: implications for monetary integration," Working Paper Series 0740, European Central Bank.
- Jan Bruha & Jiri Podpiera & Stanislav PolÃ¡k, 2007. "The Convergence Dynamics of a Transition Economy," IMF Working Papers 07/116, International Monetary Fund.
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