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Results tagged with difference-equations
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user 11767
3
votes
1
answer
1k
views
Deriving intertemporal budget constraint from flow constraint
I am trying to learn how to solve difference equations in order to derive intertemporal budget constraints. Consider the government's flow budget constraint:
$$\frac{B_{t}-B_{t-1}}{p_{t}} + \frac{M_{ …
- 661
2
votes
1
answer
109
views
Difference equation in OLG framework
This question is also regarding Aiyagari and Gertler (1985). We have the governments flow budget contraint:
$\frac{B_{t-1}}{p_{t}} + \bar{g}w = \tau_{y}(t)+\tau_{o}(t) + \frac{M_{t}-M_{t-1}}{p_{t}} + …
- 661
3
votes
Solving Leeper (1991) model
You have the government's flow budget constraint (re-written in real terms):
$b_{t} + m_{t} + \tau_{t} = g + \frac{m_{t-1}}{\pi_{t}} + R_{t-1}\frac{b_{t-1}}{\pi_{t}}$ (1)
Now all you need to do is sub …
- 661
4
votes
2
answers
334
views
Solving rational expectations model - Sims form
I am trying to solve my first ratex model and make some impulse response functions using Dynare. I am following Leeper (1991). This is what I have done so far:
The utility function is $\log(c_{t})+\l …
- 661
1
vote
Solving rational expectations model - Sims form
I think I have managed to solve it. However, not the way I was initially hoping. I simplified the stacked matrices using the given conditions and some assumptions. Here is my solution:
Eq. (3) I writ …
- 661