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While there is an extensive literature on identifying the asymptotic properties of adaptive learning algorithms, little is explicitly mentioned on how to actually implement these algorithms on the computer to analyze the quantitative effects of learning in dynamic macroeconomic models. The aim...
Persistent link: https://www.econbiz.de/10005345321
Two finite-difference methods are constructed and used for the solution of a class of endogenous growth model with physical and human capital. Although both the numerical methods to be developed are implicit by construction, each of the methods can be implemented explicitly. The first method is...
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global sunspots (i.e., sunspots that are not necessarily located near a stationary state or a periodic orbit), arising in OLG …
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Dynamic models with inequality constraints pose a challenging prob- lem for two major reasons: Dynamic Programming techniques often necessitate a non established differentiability of the value function, while Euler equation based techniques have problematic or unknown convergence properties....
Persistent link: https://www.econbiz.de/10005537417
The attempt to match characteristics of asset pricing models such as the risk-free interest rate, equity premium and the Sharpe ratio for models with instantaneous consumption decisions in the context of stochastic growth models has not been very successful. Many recent versions of asset pricing...
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