Maliar, Lilia; Maliar, Serguei; Taylor, John B.; … - In: Quantitative Economics 11 (2020) 4, pp. 1289-1323
We consider a class of infinite‐horizon dynamic Markov economic models in which the parameters of utility function, production function, and transition equations change over time. In such models, the optimal value and decision functions are time‐inhomogeneous: they depend not only on state...