| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26426 |
| 来源ID | Working Paper 26426 |
| Approximately Right?: Global v. Local Methods for Open-Economy Models with Incomplete Markets | |
| Oliver de Groot; Ceyhun Bora Durdu; Enrique G. Mendoza | |
| 发表日期 | 2019-11-04 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Global and local methods are widely used in international macroeconomics to analyze incomplete-markets models. We study solutions for an endowment economy, an RBC model and a Sudden Stops model with an occasionally binding credit constraint. First-order, second-order, risky steady state and DynareOBC solutions are compared v. fixed-point-iteration global solutions in the time and frequency domains. The solutions differ in key respects, including measures of precautionary savings, cyclical moments, impulse response functions, financial premia and macro responses to credit constraints, and periodograms of consumption, foreign assets and net exports. The global method is easy to implement and faster than local methods for the endowment model. Local methods are faster for the RBC model and the global and DynareOBC solutions are of comparable speed. These findings favor global methods except when prevented by the curse of dimensionality and urge caution when using local methods. Of the latter, first-order solutions are preferable because results are very similar to second-order methods. |
| 主题 | Macroeconomics ; Money and Interest Rates ; International Economics ; International Macroeconomics |
| URL | https://www.nber.org/papers/w26426 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584098 |
| 推荐引用方式 GB/T 7714 | Oliver de Groot,Ceyhun Bora Durdu,Enrique G. Mendoza. Approximately Right?: Global v. Local Methods for Open-Economy Models with Incomplete Markets. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26426.pdf（2751KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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