Numerical Strategies for Solving the Nonlinear Rational Expectations Commodity Market Model |
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Authors: | Mario J Miranda |
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Affiliation: | (1) Ohio State University, 2120 Fyffe Road, Columbus, OH43210-1099, U.S.A. |
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Abstract: | In this paper, I compare the accuracy, efficiency and stability of different numerical strategies for computing approximate solutions to the nonlinear rational expectations commodity market model. I find that polynomial and spline function collocation methods are superior to the space discretization, linearization and least squares curve-fitting methods that have been preferred by economists in the past. |
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Keywords: | nonlinear rational expectations models numerical methods |
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