초록
영어
This paper compares the first and second order approximate solution methods for dynamic general equilibrium models. Applying two solution methods of different approximation orders to a medium scale DSGE model, we show that the second order approximate solution is more accurate than the first order one in the spirit of den Haan and Marcet (1994). Also, the inaccuracy of the first order approximate solution method turns out to be large enough to yield incorrect welfare ranking of alternative monetary policy rules.
한국어
이 논문은 동태일반균형모형에 대한 일차 및 이차 근사해법을 비교분석한다. 우리는 이차 근사해가 일차 근사해보다 정확함을 보인다. 또한 일차근사해법의 부정확성에 의해 각 통화정책 규칙하 후생의 순위가 바뀔 수도 있음을 보인다.
목차
Abstract
I. Introduction
II. The Model
2.1 Households
2.2 Firms
2.3 Monetary Authority
III. Linear vs. Quadratic: Simulation Accuracy
IV. Linear vs. Quadratic: Welfare Implications
V. Conclusion
References
논문초록
I. Introduction
II. The Model
2.1 Households
2.2 Firms
2.3 Monetary Authority
III. Linear vs. Quadratic: Simulation Accuracy
IV. Linear vs. Quadratic: Welfare Implications
V. Conclusion
References
논문초록
키워드
저자정보
참고문헌
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