Publication: Solving the Multi-Country Real Business Cycle Model using a Smolyak-Collocation Method
Solving the Multi-Country Real Business Cycle Model using a Smolyak-Collocation Method
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Malin, B. A., Krüger, D., & Kübler, F. (2010). Solving the Multi-Country Real Business Cycle Model using a Smolyak-Collocation Method. Journal of Economic Dynamics and Control, 35(2), 229–239. https://doi.org/10.1016/j.jedc.2010.09.015
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We describe a sparse-grid collocation method to compute recursive solutions of dynamic economies with a sizable number of state variables. We show how powerful this method can be in applications by computing the non-linear recursive solution of an international real business cycle model with a substantial number of countries, complete insurance markets and frictions that impede frictionless international capital flows. In this economy, the aggregate state vector includes the distribution of world capital across different countries as
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- Malin, Benjamin A
- Krüger, Dirk
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Citations
Malin, B. A., Krüger, D., & Kübler, F. (2010). Solving the Multi-Country Real Business Cycle Model using a Smolyak-Collocation Method. Journal of Economic Dynamics and Control, 35(2), 229–239. https://doi.org/10.1016/j.jedc.2010.09.015
