The Role of Simulation Methods in Macroeconomics
AbstractAfter reviewing the reasons to use solution methods in macroeconomics,this survey paper discusses diferent aspects relative to a rigorous use of the numerical output of such methods. Special attention is paid to suggestions that have been made to incorporate parameter uncertainty. Finally, the need to test for usually maintained assumptions, such as rationality of expectations, is emphasized.
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Bibliographic InfoPaper provided by Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales in its series Documentos del Instituto Complutense de Análisis Económico with number 0227.
Length: 36 pages
Date of creation: 2002
Date of revision:
Numerical solution methods; Rational expectations; Calibration.;
Other versions of this item:
- C8 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs
- C9 - Mathematical and Quantitative Methods - - Design of Experiments
- E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
- E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
- O4 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity
This paper has been announced in the following NEP Reports:
- NEP-ALL-2003-10-28 (All new papers)
- NEP-CMP-2003-10-28 (Computational Economics)
- NEP-DGE-2003-10-28 (Dynamic General Equilibrium)
- NEP-HPE-2003-10-28 (History & Philosophy of Economics)
- NEP-MAC-2003-10-28 (Macroeconomics)
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