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A New Use of Importance Sampling to Reduce Computational Burden in Simulation Estimation
Ackerberg, Daniel A. - 2011
Method of Simulated Moments (MSM) estimators introduced by McFadden (1989)and Pakes and Pollard (1989) are of great use to applied economists. They are relatively easy to use even for estimating very complicated economic models. One simply needs to generate simulated data according to the model...
Persistent link: https://www.econbiz.de/10013127757
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One-Node Quadrature Beats Monte Carlo : A Generalized Stochastic Simulation Algorithm
Judd, Kenneth L. - 2011
In conventional stochastic simulation algorithms, Monte Carlo integration and curve fitting are merged together and … stochastic simulation approach in which integration and curve fitting are separated. We specifically allow for the use of … achieve accuracy of solutions that is orders of magnitude higher than that of the conventional stochastic simulation …
Persistent link: https://www.econbiz.de/10013131303
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Merging Simulation and Projection Approaches to Solve High-Dimensional Problems
Judd, Kenneth L. - 2012
We introduce an algorithm for solving dynamic economic models that merges stochastic simulation and projection … approaches: we use simulation to approximate the ergodic measure of the solution, we construct a fixed grid covering the support …
Persistent link: https://www.econbiz.de/10013098481
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Estimating the Economic Impacts of Living Wage Mandates Using Ex Ante Simulations, Longitudinal Estimates, and New Public and Administrative Data : Evidence for New York City
Neumark, David - 2012
Policy researchers often have to estimate the future effect of imposing a policy in a particular location. There is often historical information on the effects of similar policies in other jurisdictions, but no information on the effects of the policy in the jurisdiction in question, and the...
Persistent link: https://www.econbiz.de/10013106657
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Aging and Pension Reform : Extending the Retirement Age and Human Capital Formation
Vogel, Edgar - 2013
Projected demographic changes in industrialized and developing countries vary in extent and timing but will reduce the share of the population in working age everywhere. Conventional wisdom suggests that this will increase capital intensity with falling rates of return to capital and increasing...
Persistent link: https://www.econbiz.de/10013085913
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Simulating the Elimination of the U.S. Corporate Income Tax
Fehr, Hans - 2013
We simulate corporate tax reform in a single good, five-region (U.S., Europe, Japan, China, India) model, featuring skilled and unskilled labor, detailed region-specific demographics and fiscal policies. Eliminating the model's U.S. corporate income tax produces rapid and dramatic increases in...
Persistent link: https://www.econbiz.de/10013071508
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Numerically Stable Stochastic Simulation Approaches for Solving Dynamic Economic Models
Judd, Kenneth L. - 2009
We develop numerically stable stochastic simulation approaches for solving dynamic economic models. We rely on standard … simulation procedures to simultaneously compute an ergodic distribution of state variables, its support and the associated … decision rules. We differ from existing methods, however, in how we use simulation data to approximate decision rules. Instead …
Persistent link: https://www.econbiz.de/10013156682
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Variation in Performance of Commonly Used Statistical Methods for Estimating Effectiveness of State-Level Opioid Policies on Opioid-Related Mortality
Griffin, Beth Ann - 2020
effects. This simulation study used real-world data to compare model performance across a range of important statistical …
Persistent link: https://www.econbiz.de/10012835557
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Variation in Performance of Commonly Used Statistical Methods for Estimating Effectiveness of State-Level Opioid Policies on Opioid-Related Mortality
Griffin, Beth Ann - 2020
effects. This simulation study used real-world data to compare model performance across a range of important statistical …
Persistent link: https://www.econbiz.de/10012835760
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An Exploration of Trend-Cycle Decomposition Methodologies in Simulated Data
Hodrick, Robert J. - 2020
This paper uses simulations to explore the properties of the HP filter of Hodrick and Prescott (1997), the BK filter of Baxter and King (1999), and the H filter of Hamilton (2018) that are designed to decompose a univariate time series into trend and cyclical components. Each simulated time...
Persistent link: https://www.econbiz.de/10012841423