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Parameterized Expectations Algorithm and the Moving Bounds
Nonlinear models Numerical solutions methods Optimal growth Parameterized expectations algorithm
2015/7/21
The Parameterized Expectations Algorithm (PEA) is a powerful tool for solving nonlinear stochastic dynamic models. However, it has an important shortcoming:it is not a contraction mapping technique an...
Parameterized Expectations Algorithm: How to Solve for Labor Easily
Monte Carlo simulation nonlinear models numerical solution parameterized expectations PEA
2015/7/21
Euler-equation methods for solving nonlinear dynamic models involve parameterizing some policy functions. We argue that in the typical macroeconomic model with valuable leisure, labor function is part...