By Eds. Hans M. Amman, David A. Kendrick and John Rust
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Additional info for Handbook of Computational Economics
This solution can be made recursively, as described in Case 1, using data for the initial year and a series of one-period Johansen/Euler computations. After completing the initial recursive computation, we will have found a solution ( V I a ( I ) , . . , V~(T)) to the reduced system. This includes values for R j ( t + 1), ~ = 1 , . . , T - 1, and K j ( t ) , t = O , . . , T . 72) to obtain implied values for Fkj(t), ~ = 1 , . . , T. 72). Using V H, we can set up a percentage deviation version of the full system: /~* (VII)'/) ~ 0.
1: Computable GeneralEquilibrium Modelling 29 where inf is the rate of inflation. 67), we wrote out the formula for Rj (t + 1) with rental and price variables for year t + 1 replaced by their levels in t multiplied by (1 + inf). That is, we assumed that expectations concerning year t + 1 are formed in year t by inflating all nominal variables by the general rate of inflation. 68) for all j and for t = 1 , . . , T . 68) is that they give us a model with endogenous investment while still allowing us to solve recursivety, applying the Johansen/Euler technique.
33The optimizationproblem is usually specifiedin continuous time with an infinite time horizon [see, for example, Bovenberg (1985), Bovenberg and Goulder (1991) and Dixon, Parmenter, Powell and Wilcoxen (1992, Chapter 5)]. Solution of the problem then involves the use of optimal control techniques and the specification of transversality conditions. By adopting a discrete-time optimization problem with a finite time horizon, we can use the Lagrangian method. Rather than imposing transversality conditions, we impose a value on terminal capital stocks.
Handbook of Computational Economics by Eds. Hans M. Amman, David A. Kendrick and John Rust