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Solving Large Scale Rational Expectations Models

Author

Listed:
  • Jess Gaspar
  • Kenneth L. Judd
Abstract
We explore alternative approaches to numerical solutions of large rational expectations models. We discuss and compare several current alternatives, focussing on the tradeoffs in accuracy, space, and speed. The models range from representative agent models with many goods and capital stocks, to models of heterogeneous agents with complete or incomplete asset markets. The methods discussed include perturbation and projection methods. We show that these methods are capable of analyzing moderately large models even when we use only elementary, general purpose numerical methods.

Suggested Citation

  • Jess Gaspar & Kenneth L. Judd, 1997. "Solving Large Scale Rational Expectations Models," NBER Technical Working Papers 0207, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberte:0207
    Note: PE
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    JEL classification:

    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models

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