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Sébastien Villemot
perfect-foresight-slides
Commits
70ceff56
Verified
Commit
70ceff56
authored
Jun 03, 2019
by
Sébastien Villemot
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More modifications for 2019
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deterministic.pdf
deterministic.pdf
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deterministic.tex
deterministic.tex
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exercise-zlb.pdf
exercise-zlb.pdf
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exercise-zlb.tex
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@@ -259,11 +259,11 @@ f(\bar y, \bar y, \bar y, \bar u) = 0
\end{frame}
\begin{frame}
{
Approximating infinite
horizon problems
}
\begin{frame}
{
Approximating infinite
-
horizon problems
}
\begin{itemize}
\item
The above technique numerically computes trajectories for given shocks over a
\emph
{
finite
}
number of periods
\item
Suppose you are rather interested in solving an
\emph
{
infinite
}
horizon
\item
Suppose you are rather interested in solving an
\emph
{
infinite
}
-
horizon
problem
\item
One option consists in computing the recursive policy function (as with
perturbation methods), but this is challenging
...
...
@@ -275,13 +275,13 @@ f(\bar y, \bar y, \bar y, \bar u) = 0
projection method would still be needed
\item
in any case, Dynare does not do that
\end{itemize}
\item
An easier
solution
, in the case of a return to equilibrium, is to
approximate
it by a finite
horizon problem
\item
An easier
way
, in the case of a return to equilibrium, is to
approximate
the solution by a finite-
horizon problem
\begin{itemize}
\item
consists in computing the trajectory with
$
y
_{
T
+
1
}
=
\bar
y
$
and
$
T
$
large enough
\item
drawback compared to the policy function approach: the
solution is specific to a given sequence of shock, and not generic
solution is specific to a given sequence of shock
s
, and not generic
\end{itemize}
\end{itemize}
\end{frame}
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exercise-zlb.pdf
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exercise-zlb.tex
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70ceff56
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...
@@ -10,7 +10,7 @@
\title
{
Zero lower bound in a New Keynesian model
}
\author
{
Sébastien Villemot
}
\date
{
June
12, 2018
}
\date
{
June
4, 2019
}
\maketitle
\begin{enumerate}
...
...
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