to applied economists. They are relatively easy to use even for estimating very complicated economic models. One simply … equilibrium models and dynamic programming problems. We show that importance sampling can reduce he number of times a particular …

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 …

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 … models and a large-scale new Keynesian model with a zero lower bound on nominal interest rates …

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 …

policy responses. Researchers have evaluated the effectiveness of such policies using a wide-range of statistical models … effects. This simulation study used real-world data to compare model performance across a range of important statistical …

policy responses. Researchers have evaluated the effectiveness of such policies using a wide-range of statistical models … effects. This simulation study used real-world data to compare model performance across a range of important statistical …

a random walk, an ARIMA model, two unobserved components models, and models with slowly changing nonstationary … closely characterizing the underlying framework, but in more complex models, the reverse is true.Institutional subscribers to …