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Numerical Simulation of Nonoptimal Dynamic Equilibrium Models

Author

Listed:
  • Zhigang Feng

    (ISB, University of Zurich, and Department of Economics, University of Miami)

  • Jianjun Miao

    (Department of Economics, Boston University)

  • Adrian Peralta-Alva

    (Research Division, Federal Reserve Bank of Saint Louis)

  • Manuel S. Santos

    (Department of Economics, University of Miami)

Abstract
In this paper we present a recursive method for the computation of dynamic competitive equilibria in models with heterogeneous agents and market frictions. This method is based on a convergent operator over an expanded set of state variables. The fixed point of this operator defines the set of all Markovian equilibria. We study approximation properties of the operator as well as the convergence of the moments of simulated sample paths. We apply our numerical algorithm to two growth models, an overlapping generations economy with money, and an asset pricing model with financial frictions.

Suggested Citation

  • Zhigang Feng & Jianjun Miao & Adrian Peralta-Alva & Manuel S. Santos, "undated". "Numerical Simulation of Nonoptimal Dynamic Equilibrium Models," Boston University - Department of Economics - Working Papers Series wp2009-013, Boston University - Department of Economics.
    • Handle: RePEc:bos:wpaper:wp2009-013
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    10. Balbus, Łukasz & Reffett, Kevin & Woźny, Łukasz, 2012. "Stationary Markovian equilibrium in altruistic stochastic OLG models with limited commitment," Journal of Mathematical Economics, Elsevier, vol. 48(2), pages 115-132.
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    More about this item

    Keywords

    Heterogeneous agents; taxes; externalities; financial frictions; competitive equilibrium; computation; simulation;
    All these keywords.

    JEL classification:

    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment

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