Numerical Solution of Dynamic Non-Optimal Economies

This paper presents a recursive method for the computation of sequential competitive equilibria in dynamic models with heterogeneous agents and market frictions. This computational method builds on a convergent operator defined over an expanded set of state variables for which a Markovian equilibrium solution is shown to exist. We apply this method to a stochastic growth economy and two financial economies.

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Year of publication:	2005-01
Authors:	Miao, Junjian ; Santos, Manuel
Institutions:	Department of Economics, Boston University

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Series:	Boston University - Department of Economics - Working Papers Series.
Type of publication:	Book / Working Paper
Notes:	Number WP2005-003 28 pages
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005209363