This essay examines the idea and potential of a computational approach to theory,' discusses methodological issues raised by such computational methods, and outlines the problems associated with the dissemination of computational methods and the exposition of computational results. We argue that...

We explore alternative approaches to numerical solutions of large rational expectations models. We discuss and compare several current alternatives, focussing on the tradeoffs in accuracy, space, and speed. The models range from representative agent models with many goods and capital stocks, to...

There are many numerical algorithms to solve any problem. It is often difficult to compare competing algorithms since authors demonstrate their algorithms on different problems. In the numerical analysis literature, the typical approach to compare alternative algorithms is to develop a suite of...

Computing equilibrium in markets with incomplete asset spanning is difficult to do in general. In real markets the amount of uncertainty which occurs between trading periods is relatively small. We use bifurcation methods to derive Taylor series expansions which are asymptotically valid...

Numerical methods are increasingly used in graduate student research. I will discuss the problems of how to teach the necessary skills and the challenges of incorporating such teaching into a graduate program

We explore methods for solving continuous-time, finite-state dynamic games, and document the advantages of such models over comparable discrete-time models. In particular, continuous-time models are more flexible since they avoid lumpiness in time, and computational methods for continuous-time...

The parametric path method applies projection methods to compute the equilibrium path of economic variables in infinite-horizon dynamic models. We exploit the special structure of economic time paths common in such models. This structure drastically reduces dimensionality and reduces computing...