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Solving the multi-country real business cycle model using a monomial rule galerkin method

Paul Pichler ()

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Abstract: I propose a Galerkin projection method for solving dynamic economic models with many state variables. This method employs non-product monomial integration formulas for the computation of weighted residuals, and its computational cost therefore increases only polynomially in the model's dimensionality. I illustrate the practical implementation of the proposed algorithm by solving several specifications of the multi-country Real Business Cycle model described in Den Haan et al. [2010. Computational Suite of Models with Heterogeneous Agents: Multi-country Real Business Cycle Models, , this issue], and briefly discuss two possible routes for further improving its numerical accuracy.

Keywords: C63; Galerkin method; Weighted residuals; Monomial cubature rules; Curse of dimensionality; Multi-Country Real Business Cycle Model (search for similar items in EconPapers)
Date: 2010-12-17
Note: View the original document on HAL open archive server: https://hal.science/hal-00765829
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Citations: View citations in EconPapers (2)

Published in Journal of Economic Dynamics and Control, 2010, 35 (2), pp.240. ⟨10.1016/j.jedc.2010.09.009⟩

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Journal Article: Solving the multi-country Real Business Cycle model using a monomial rule Galerkin method (2011) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00765829

DOI: 10.1016/j.jedc.2010.09.009

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