Gains from second-order approximations

The benefit from using second-order approximations tostochastic dynamic rational expec- tations models is explained. By example of the neoclassical growth model, this note as- sesses the accuracy of the obtained approximation. The implications for optimal policy are discussed.

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Year of publication:	2003
Authors:	Paustian, Matthias
Publisher:	Bonn : University of Bonn, Bonn Graduate School of Economics (BGSE)
Subject:	Dynamisches Gleichgewicht \| Allgemeines Gleichgewicht \| Dynamisches Modell \| Rationale Erwartung \| Theorie \| Second-order approximation \| accuracy \| optimal policy

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Series:	Bonn Econ Discussion Papers ; 25/2003
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	384648274 [GVK] hdl:10419/22873 [Handle] RePEc:zbw:bonedp:252003 [RePEc]
Classification:	C63 - Computational Techniques ; E0 - Macroeconomics and Monetary Economics. General
Source:	EconStor

Persistent link: https://www.econbiz.de/10010263093