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NUMERICAL SIMULATION OF NONOPTIMAL DYNAMIC EQUILIBRIUM MODELS

Zhigang Feng, Jianjun Miao, Adrian Peralta‐alva and Manuel Santos

International Economic Review, 2014, vol. 55, issue 1, 83-110

Abstract: In this article, we propose a recursive equilibrium algorithm for the numerical simulation of nonoptimal dynamic economies. This algorithm builds upon a convergent operator over an expanded set of state variables. The fixed point of this operator defines the set of all Markovian equilibria. We study approximation properties of the operator. We also apply our recursive equilibrium algorithm to various models with heterogeneous agents, incomplete financial markets, endogenous and exogenous borrowing constraints, taxes, and money.

Date: 2014
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Citations: View citations in EconPapers (2)

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https://doi.org/10.1111/iere.12042

Related works:
Working Paper: Numerical simulation of nonoptimal dynamic equilibrium models (2009) Downloads
Working Paper: Numerical Simulation of Nonoptimal Dynamic Equilibrium Models (2009) Downloads
Working Paper: Numerical Simulation of Nonoptimal Dynamic Equilibrium Models (2009) Downloads
Working Paper: Numerical Simulation of Nonoptimal Dynamic Equilibrium Models
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