A robust method for simulating forward-looking models
Article Abstract:
The Newton method and the Fair-Taylor approach showed that the stacked Newton method is a practical option for medium-sized economic models. However, empirical comparisons indicate that the superior convergence characteristics of integrated dynamic simulator-Newton procedure (IDS-N) for linear models carry over nonlinear models. ISD-N seems to be more robust than Fair-Taylor methods in two ways, but results cannot be applied to all macroeconomic models and all experiments.
Publication Name: Journal of Economic Dynamics & Control
Subject: Economics
ISSN: 0165-1889
Year: 1998
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Inflation targeting with NAIRU uncertainty and endogenous policy credibility
Article Abstract:
Monetary policy performance is compared using different models and assumptions relating to expectations of inflation.
Publication Name: Journal of Economic Dynamics & Control
Subject: Economics
ISSN: 0165-1889
Year: 2001
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Simplicity versus optimality: the choice of monetary policy rules when agents must learn
Article Abstract:
Monetary policy options are assessed in circumstances where agents need to learn rules.
Publication Name: Journal of Economic Dynamics & Control
Subject: Economics
ISSN: 0165-1889
Year: 2001
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