Numerical Solution of Dynamic Non-Optimal Economies

Jianjun Miao and Manuel Santos

No WP2005-003, Boston University - Department of Economics - Working Papers Series from Boston University - Department of Economics

Abstract: This paper presents a recursive method for the computation of sequential competitive equilibria in dynamic models with heterogeneous agents and market frictions. This computational method builds on a convergent operator defined over an expanded set of state variables for which a Markovian equilibrium solution is shown to exist. We apply this method to a stochastic growth economy and two financial economies.

Pages: 28 pages
Date: 2005-01
New Economics Papers: this item is included in nep-cmp, nep-dge and nep-mac
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