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Synopsis
Excerpt from On Some Computational Aspects of Real Business Cycle Theory
It has been common practice in the recent Real Business Cycle (bbc) literature to approximate, quadratically, the return function about the steady state and then to use this approximate return function as the basis for generating the economy's equilibrium time series. This is done for well known reasons of analytic and computational simplicity with a quadratic return function the decision rules are linear and may be easily determined. To compute the optimal decision rules numerically via standard value iteration procedures is simply too intensive when the number of decision and state variables is large. Nevertheless, it is legitimate to question the extent to which accuracy is compromised using such approximate procedures.
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This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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- PublisherForgotten Books
- Publication date2024
- ISBN 10 1334539103
- ISBN 13 9781334539107
- BindingPaperback
- Number of pages28
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On Some Computational Aspects of Real Business Cycle Theory (Classic Reprint)
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Paperback. Condition: New. Print on Demand. This book assesses the validity of approximating mathematical functions to simplify complex economic models. The author uses a specific type of economic model known as the Real Business Cycle (RBC) model as a case study. By comparing the results of RBC models using both exact and approximate techniques, the author provides insights into the accuracy of this approximation method. The book delves into the nuances of model construction, highlighting the advantages and limitations of the approximation approach. It provides a comprehensive evaluation of the approximation's effects on the model's outcomes, such as standard deviations and correlations of key economic variables. This exploration is significant because it guides researchers in selecting appropriate methods for their economic models, ensuring reliable and meaningful results. Forgotten Books publishes hundreds of thousands of rare and classic books. This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works. The digital edition of all books may be viewed on our website before purchase. print-on-demand item. Seller Inventory # 9781334539107_0
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On Some Computational Aspects of Real Business Cycle Theory Classic Reprint
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PAP. Condition: New. New Book. Shipped from UK. Established seller since 2000. Seller Inventory # LX-9781334539107
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On Some Computational Aspects of Real Business Cycle Theory Classic Reprint
Seller: PBShop.store UK, Fairford, GLOS, United Kingdom
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PAP. Condition: New. New Book. Shipped from UK. Established seller since 2000. Seller Inventory # LX-9781334539107
Quantity: 15 available