Algorithms for solving dynamic models with occasionally binding constraints

被引：79

作者：

Christiano, LJ

Fisher, JDM

机构：

[1] Fed Reserve Bank Chicago, Econ Res Dept, Chicago, IL 60613 USA

[2] Northwestern Univ, NBER, Fed Reserve Bank Chicago, Chicago, IL 60611 USA

来源：

JOURNAL OF ECONOMIC DYNAMICS & CONTROL | 2000年 / 24卷 / 08期

关键词：

occasionally binding constraints; parameterized expectations; collocation; Chebyshev interpolation;

D O I：

10.1016/S0165-1889(99)00016-0

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We describe and compare several algorithms for approximating the solution to a model in which inequality constraints occasionally bind. Their performance is evaluated and compared using various parameterizations of the one sector growth model with irreversible investment. We develop parameterized expectation algorithms which, on the basis of speed, accuracy and convenience of implementation, appear to dominate the other algorithms. (C) 2000 Elsevier Science B.V. All rights reserved. JEL classification: C6; C63; C68.

引用

页码：1179 / 1232

页数：54

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