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Solving the multi-country Real Business Cycle model using a perturbation method |
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| Authors: | Robert Kollmann Jinill Kim Sunghyun H Kim |
| Institution: | a ECARES, Université Libre de Bruxelles, CP 114, 50 Av F. Roosevelt, B-1050 Brussels, Belgium b Faculté de Sciences Economiques, Université Paris-Est, 61 Av. du Gén. de Gaulle, 94000 Créteil, France c CEPR, 53-56 Gt. Sutton Street, London EC1V ODG, United Kingdom d Division of Monetary Affairs, Federal Reserve Board, Washington, DC 20551, USA e Department of Economics, Korea University, Anam-dong, Seongbuk-gu, Seoul 136-075, Korea f Department of Economics, Suffolk University, 8 Ashburton Place, Boston, MA 02108, USA |
| Abstract: | This paper solves the multi-country RBC model described in den Haan et al. (this issue) and Juillard and Villemot (this issue), using a perturbation method. We explain how to apply first- and second-order versions of the gensys2.m algorithm to this model. The perturbation method is computationally cheap and can easily be applied to large models with possibly hundreds of state variables. |
| Keywords: | C6 |
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