. The framework dates back to Ericson and Pakes [1995. Review of Economic Studies 62, 53–82], but it is based on equilibrium … start with an introduction to iterative techniques for computing equilibrium that are analogous to the techniques used to … computational burden of these techniques, and the mechanism implicitly used to select an equilibrium when multiple equilibria are …

trade-off. Basing on a general equilibrium model by T. Kehoe including production and taxes we provide a formal model of an … evolution equilibrium. It is based on arguments from the gradual vs. bang-bang tax reform controversy and from the debate on … optimal macroeconomic policy design. Existence of equilibrium is established extending an analytical result which in a …

trade-off. Basing on a general equilibrium model by T. Kehoe including production and taxes we provide a formal model of an … evolution equilibrium. It is based on arguments from the gradual vs. bang-bang tax reform controversy and from the debate on … optimal macroeconomic policy design. Existence of equilibrium is established extending an analytical result which in a …

This paper considers a prototypical monetary business cycle model for the U.S. economy, in which the equilibrium is … estimates to values for which the equilibrium is unique. We show how the likelihood-based estimation of dynamic stochastic … general equilibrium models can be extended to allow for indeterminacies and sunspot fluctuations. We propose a posterior odds …

We prove the existence of a minimal state space recursive equilibrium (RE) for a broad class of infinite horizon … dynamic general equilibrium models with positive externalities, dynamic complementarities, public policy, equilibrium … the literature. Rather, using partial ordering methods, we provide a qualitative theory of equilibrium comparative statics …

assert their interest, and constraint forces emerging from system constraints. The approach is based on a genuine dynamic out-of-equilibrium … under constraint and provide an out-of-equilibrium foundation for equilibrium models. We transform a static textbook …

generally equilibrium model to meet this need - the Treasury Industry Model (TIM). As a general equilibrium model, TIM captures …