Showing 1 - 10 of 16
This paper analyzes the role of stochastic uncertainty in a multi-sector housing model with financial frictions. We include time varying uncertainty (i.e. risk shocks) in the technology shocks that affect housing production and provide estimates of the time-series properties of risk shocks by...
Persistent link: https://www.econbiz.de/10010906776
Persistent link: https://www.econbiz.de/10011037484
Within the context of a stochastic growth economy, the shocks to technology are modeled as a four-state Markov process. The parameters of this process are chosen so that the implied conditional distributions for the marginal product of capital can be ordered in terms of first- and second-order...
Persistent link: https://www.econbiz.de/10005609051
This paper introduces a new algorithm, the recursive upwind Gauss-Seidel method, and applies it to solve a standard stochastic growth model in which the technology shocks exhibit heteroskedasticity. This method exploits the fact that the equations defining equilibrium can be viewed as a set of...
Persistent link: https://www.econbiz.de/10008551057
Persistent link: https://www.econbiz.de/10005131831
Persistent link: https://www.econbiz.de/10005229803
Persistent link: https://www.econbiz.de/10005355887
Persistent link: https://www.econbiz.de/10005307448
Persistent link: https://www.econbiz.de/10005247134
Persistent link: https://www.econbiz.de/10005257603