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Precision performances of terminal conditions for short time horizons forward-looking systems

Listed author(s):
  • Malgrange, Pierre
  • Juillard, Michel
  • Boucekkine, Raouf

In this paper, we investigate both theoretically and empirically the numerical bias due to the truncation of structurally infinite time forward-Iooking models, by the means of various terminal conditions. We shed light on the difficulties of numerical control using the latter instrurnents, and recornrnend a prior investigation of the individual dynamics generated by each variable of the models under consideration.

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File URL: http://e-archivo.uc3m.es/bitstream/handle/10016/3909/we951712.pdf?sequence=1
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Paper provided by Universidad Carlos III de Madrid. Departamento de Economía in its series UC3M Working papers. Economics with number 3909.

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Date of creation: May 1995
Handle: RePEc:cte:werepe:3909
Contact details of provider: Web page: http://www.eco.uc3m.es/

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  1. Taylor, John B & Uhlig, Harald, 1990. "Solving Nonlinear Stochastic Growth Models: A Comparison of Alternative Solution Methods," Journal of Business & Economic Statistics, American Statistical Association, vol. 8(1), pages 1-17, January.
  2. Boucekkine, Raouf, 1995. "An alternative methodology for solving nonlinear forward-looking models," Journal of Economic Dynamics and Control, Elsevier, vol. 19(4), pages 711-734, May.
  3. Laffargue, Jean-Pierre & Malgrange, Pierre & Pujol, Thierry, 1992. "Une maquette trimestrielle de l’économie française avec anticipations rationnelles et concurrence monopolistique," L'Actualité Economique, Société Canadienne de Science Economique, vol. 68(1), pages 225-261, mars et j.
  4. Boucekkine, Raouf, 1993. "Terminal conditions as efficent instruments for numerical detection of the saddlepoint paths: a linear algebra non-robustness argument," UC3M Working papers. Economics 2898, Universidad Carlos III de Madrid. Departamento de Economía.
  5. Hall, S G, 1985. "On the Solution of Large Economic Models with Consistent Expectations," Bulletin of Economic Research, Wiley Blackwell, vol. 37(2), pages 157-161, May.
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