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Higher-Order Solutions to Dynamic, Discrete-Time Rational Expectations Models: Methods and an Application to Optimal Monetary Policy

Eric Swanson (), Gary Anderson and Andrew Levin ()

No 576, Econometric Society 2004 North American Winter Meetings from Econometric Society

Abstract: We present an algorithm and software routines for computing nth-order approximate solutions to dynamic, discrete-time rational expectations models around a nonstochastic steady state. We apply these routines to investigate the optimal monetary policy with commitment (and from a ``timeless perspective'') in an optimizing-agent model with nominal price rigidities, subject to a fiscal policy that is stochastic, suboptimal, and exogenous to the central bank

Keywords: perturbation analysis; optimal monetary policy (search for similar items in EconPapers)
JEL-codes: C61 C63 E37 (search for similar items in EconPapers)
Date: 2004-08-11
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Working Paper: Higher-Order Solutions to Dynamic, Discrete-Time Rational Expectations Models: Methods and an Application to Optimal Monetary Policy (2003)
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