The Role of Simulation Methods in Macroeconomics

Alfonso Novales

Documentos de Trabajo del ICAE from Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico

Abstract: After reviewing the reasons to use solution methods in macroeconomics,this survey paper discusses diferent aspects relative to a rigorous use of the numerical output of such methods. Special attention is paid to suggestions that have been made to incorporate parameter uncertainty. Finally, the need to test for usually maintained assumptions, such as rationality of expectations, is emphasized.

Keywords: Numerical solution methods; Rational expectations; Calibration. (search for similar items in EconPapers)
JEL-codes: C8 C9 E3 E6 O4 (search for similar items in EconPapers)
Pages: 36 pages
Date: 2002
New Economics Papers: this item is included in nep-cmp, nep-dge, nep-hpe and nep-mac
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https://eprints.ucm.es/id/eprint/7692/1/0227.pdf (application/pdf)

Related works:
Journal Article: The role of simulation methods in Macroeconomics (2000)
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Persistent link: https://EconPapers.repec.org/RePEc:ucm:doicae:0227

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