Publication: Computing equilibria in dynamic models with occasionally binding constraints
Computing equilibria in dynamic models with occasionally binding constraints
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Brumm, J., & Grill, M. (2014). Computing equilibria in dynamic models with occasionally binding constraints. Journal of Economic Dynamics and Control, 38, 142–160. https://doi.org/10.1016/j.jedc.2013.09.007
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We propose a method to compute equilibria in dynamic models with several continuous state variables and occasionally binding constraints. These constraints induce non-differentiabilities in policy functions. We develop an interpolation technique that addresses this problem directly: It locates the non-differentiabilities and adds interpolation nodes there. To handle this flexible grid, it uses Delaunay interpolation, a simplicial interpolation technique. Hence, we call this method Adaptive Simplicial Interpolation (ASI). We embed ASI
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- Brumm, Johannes
- Grill, Michael
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Citations
Brumm, J., & Grill, M. (2014). Computing equilibria in dynamic models with occasionally binding constraints. Journal of Economic Dynamics and Control, 38, 142–160. https://doi.org/10.1016/j.jedc.2013.09.007
