| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7001 |
| DP7001 Inflation Targeting as the New Golden Standard | |
| Nathan Sussman; Avia Spivak | |
| 发表日期 | 2008-10-10 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | We construct a method to solve models with heterogeneous agents and aggregate uncertainty that is simpler than existing algorithms; the aggregate law of motion is obtained neither by simulation nor by parameterization of the cross-sectional distribution, but by explicitly aggregating the individual policy rule. This establishes a link between the individual policy rule and the set of necessary aggregate state variables. In particular, the cross-sectional average of each basis function in the individual policy rule is a state variable. That is, if the individual capital stock, k, (or k²) enters the policy function then the mean of k (or the mean of k²) is a state variable. The laws of motions for these aggregate state variables are obtained by explicit aggregation of separate individual policy functions for the different elements. |
| 主题 | International Macroeconomics |
| 关键词 | Numerical solutions Projection methods |
| URL | https://cepr.org/publications/dp7001 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535817 |
| 推荐引用方式 GB/T 7714 | Nathan Sussman,Avia Spivak. DP7001 Inflation Targeting as the New Golden Standard. 2008. |
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