Solving Nonlinear Stochastic Growth Models: A Comparison of Alternative Solution Methods
比较了多种数值方法求解非线性理性预期模型的效果,发现不同方法在增长模型的某些方面差异显著,提醒应用研究不能盲目依赖单一方法。
The purpose of this paper is to report on a comparison of several alternative numerical solution techniques for nonlinear rational expectations models.The comparison was made by asking individual researchers to apply their different solution techniques to a simple representative agent, optimal, stochastic growth model.Decision rules as well as simulated time series are compared.The differences among the methods turned ou t to be quite substantial for certain aspects of the growth model.Therefore, researchers might want to be careful not to rely blindly on the results of any chosen numerical solution method in applied work.