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

  • Kenneth L. Judd

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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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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