A Robust and Efficient Method for Solving Nonlinear Rational Expectations Models /

The development and use of forward-looking macro models in policymaking institutions has proceeded at a pace much slower than predicted in the early 1980s. An important reason is that researchers have not had access to robust and efficient solution techniques for solving nonlinear forward-looking mo...

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Bibliographic Details
Main Author: Juillard, Michel
Other Authors: Laxton, Douglas
Format: Journal
Language:English
Published: Washington, D.C. : International Monetary Fund, 1996.
Series:IMF Working Papers; Working Paper ; No. 1996/106
Subjects:
Online Access:Full text available on IMF
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245 1 2 |a A Robust and Efficient Method for Solving Nonlinear Rational Expectations Models /  |c Michel Juillard, Douglas Laxton. 
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500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
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520 3 |a The development and use of forward-looking macro models in policymaking institutions has proceeded at a pace much slower than predicted in the early 1980s. An important reason is that researchers have not had access to robust and efficient solution techniques for solving nonlinear forward-looking models. This paper discusses the properties of a new algorithm that is used for solving MULTIMOD, the IMF's multicountry model of the world economy. This algorithm is considerably faster and much less prone to simulation failures than to traditional algorithms and can also be used to solve individual country models of the same size. 
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651 7 |a United States  |2 imf 
700 1 |a Laxton, Douglas. 
830 0 |a IMF Working Papers; Working Paper ;  |v No. 1996/106 
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