Comparing solution methods for dynamic equilibrium economies

S. Boragan Aruoba, Jesus Fernandez-Villaverde and Juan F Rubio-Ramirez

No 2003-27, FRB Atlanta Working Paper from Federal Reserve Bank of Atlanta

Abstract: This paper compares solution methods for dynamic equilibrium economies. The authors compute and simulate the stochastic neoclassical growth model with leisure choice using Undetermined Coefficients in levels and in logs, Finite Elements, Chebyshev Polynomials, Second and Fifth Order Perturbations and Value Function Iteration for several calibrations. The authors document the performance of the methods in terms of computing time, implementation complexity and accuracy and they present some conclusions about their preferred approaches based on the reported evidence.

Date: 2003
New Economics Papers: this item is included in nep-dge and nep-mac
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Citations: View citations in EconPapers (22)

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Related works:
Journal Article: Comparing solution methods for dynamic equilibrium economies (2006)
Working Paper: Comparing Solution Methods for Dynamic Equilibrium Economies (2005)
Software Item: Linear and Log-Linear Approximation (2003)
Software Item: Finite Elements Method (2003)
Software Item: Chebyshev Polynomials (2003)
Software Item: Perturbation (2nd and 5th order) (2003)
Software Item: Value Function Iteration (2003)
Working Paper: Comparing Solution Methods for Dynamic Equilibrium Economies (2003)
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