An OLS approach to computing Ramsey equilibria in medium-scale macroeconomic models |
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| Authors: | Stephanie Schmitt-Grohé ,Martí n Uribe |
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| Affiliation: | a Columbia University, CEPR, and NBER, USAb Columbia University and NBER, USAc Department of Economics, Columbia University, 420 West 118th Street MC 3308, New York, NY 10027, USA |
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| Abstract: | This note describes a general procedure for solving for the steady state and the dynamics implied by the Ramsey equilibrium of medium-scale macroeconomic models. The procedure yields an exact numerical solution for the steady state and second-order accurate dynamics. It introduces a novel projection-based approach to calculating exact solutions to the steady state of Ramsey equilibria. |
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| Keywords: | E6 C6 |
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