Computing equilibria in dynamic models with occasionally binding constraints
نویسندگان
چکیده
منابع مشابه
Algorithms for Solving Dynamic Models with Occasionally Binding Constraints
We describe and compare several algorithms for approximating the solution to a model in which inequality constraints occasionally bind. Their performance is evaluated and compared using various parameterizations of the one sector growth model with irreversible investment. We develop parameterized expectation algorithms which, on the basis of speed, accuracy and convenience of implementation, ap...
متن کاملComputing Equilibria Using Interval Constraints
Finding Nash equilibria is a hard computational problem which is central to game theory and whose applications range from decision-making to the analysis of multi-agent systems. Despite considerable recent interest and significant recent improvements, the problem remains essentially open in the case of n-person games. We investigate the use of interval-based constraint solving techniques to com...
متن کاملComputing Nonoptimal Dynamic Competitive Equilibria∗
This paper presents a recursive method for the computation of dynamic competitive equilibria in 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, an overlapping-generation...
متن کاملComputing equilibria in discounted dynamic games
Game theory (GT) is an essential formal tool for interacting entities; however computing equilibria in GT is a hard problem. When the same game can be played repeatedly over time, the problem becomes even more complicated. The existence of multiple game states makes the problem of computing equilibria in such games extremely difficult. In this paper, we approach this problem by first proposing ...
متن کاملOptimal Fiscal and Monetary Policy With Occasionally Binding Zero Bound Constraints
Previous studies on fiscal policy at the zero bound have focused on models with perfect foresight. However, the recent economic environment motivating such research is characterized by a high degree of uncertainty. This paper studies optimal government spending and monetary policy when the nominal interest rate is subject to the zero lower bound constraint in a stochastic environment. In the pr...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Economic Dynamics and Control
سال: 2014
ISSN: 0165-1889
DOI: 10.1016/j.jedc.2013.09.007