Production technologies in stochastic continuous time models |
| |
Authors: | Klaus Wälde |
| |
Institution: | a University of Mainz, Germany b Université catholique de Louvain, Belgium and CESifo |
| |
Abstract: | Properties of dynamic stochastic general equilibrium models can be revealed by either using numerical solutions or qualitative analysis. Very precise and intuition-building results are obtained by working with models which provide closed-form solutions. Closed-form solutions are known for a large class of models some of which, however, have some undesirable features such as potentially negative output. This paper offers closed-form solutions for models which are just as tractable but do not suffer from these shortcomings. |
| |
Keywords: | Dynamic stochastic general equilibrium models Closed-form solution Continuous time Jump diffusion |
本文献已被 ScienceDirect 等数据库收录! |