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Smart Forward Shooting

Author

Listed:
  • Manoj Atolia

    () (Department of Economics, Florida State University)

  • Edward F. Buffie

    () (Department of Economics, Indiana University)

Abstract

In this paper we develop a set of innovative forward-shooting algorithms that solve for the global nonlinear saddle path in models with 1-3 jump variables. Exploiting the fact that the algorithms are mechanical and model-free, we have placed canned, fully-automated programs in the public domain. The programs do not require any substantive human input. The user’s only responsibility is to type in the equations of the model correctly.

Suggested Citation

  • Manoj Atolia & Edward F. Buffie, 2007. "Smart Forward Shooting," Working Papers wp2008_04_01, Department of Economics, Florida State University, revised Apr 2008.
  • Handle: RePEc:fsu:wpaper:wp2008_04_01
    as

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    File URL: ftp://econpapers.fsu.edu/RePEc/fsu/wpaper/wp2008_04_01.zip
    File Function: First version, 2007-11
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    References listed on IDEAS

    as
    1. Brunner, Martin & Strulik, Holger, 2002. "Solution of perfect foresight saddlepoint problems: a simple method and applications," Journal of Economic Dynamics and Control, Elsevier, vol. 26(5), pages 737-753, May.
    2. Mercenier, Jean & Michel, Philippe, 1994. "Discrete-Time Finite Horizon Appromixation of Infinite Horizon Optimization Problems with Steady-State Invariance," Econometrica, Econometric Society, vol. 62(3), pages 635-656, May.
    3. Ric Herbert & Peter Stemp, 2003. "Exploiting Model Structure to Solve the Dynamics of a Macro Model," Computational Economics, Springer;Society for Computational Economics, vol. 21(3), pages 203-207, June.
    4. Ellen R. McGrattan, 1998. "Application of weighted residual methods to dynamic economic models," Staff Report 232, Federal Reserve Bank of Minneapolis.
    5. Manoj Atolia & Edward F. Buffie, 2004. "Reverse Shooting Made Easy: Solving for the Global Nonlinear Saddle Path," Working Papers wp2009_01_01, Department of Economics, Florida State University, revised Jan 2009.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Atolia, Manoj & Chatterjee, Santanu & Turnovsky, Stephen J., 2010. "How misleading is linearization? Evaluating the dynamics of the neoclassical growth model," Journal of Economic Dynamics and Control, Elsevier, vol. 34(9), pages 1550-1571, September.
    2. Atolia, Manoj & Chatterjee, Santanu & Turnovsky, Stephen J., 2012. "Growth and inequality: Dependence on the time path of productivity increases (and other structural changes)," Journal of Economic Dynamics and Control, Elsevier, vol. 36(3), pages 331-348.
    3. Lilia Maliar & Serguei Maliar & John Taylor & Inna Tsener, 2015. "A Tractable Framework for Analyzing a Class of Nonstationary Markov Models," NBER Working Papers 21155, National Bureau of Economic Research, Inc.
    4. Serguei Maliar & John Taylor & Lilia Maliar, 2016. "The Impact of Alternative Transitions to Normalized Monetary Policy," 2016 Meeting Papers 794, Society for Economic Dynamics.
    5. Manoj Atolia & Edward F. Buffie, 2004. "Reverse Shooting Made Easy: Solving for the Global Nonlinear Saddle Path," Working Papers wp2009_01_01, Department of Economics, Florida State University, revised Jan 2009.
    6. Klarl, Torben, 2016. "Pollution externalities, endogenous health and the speed of convergence in an endogenous growth model," Journal of Macroeconomics, Elsevier, vol. 50(C), pages 98-113.

    More about this item

    Keywords

    forward shooting; automated programs; global saddle path;

    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques

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