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Comparative Dynamics in Perfect-Foresight Models

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  • Meijdam, Lex
  • Verhoeven, Marijn

Abstract

This paper analyzes the technique of comparative dynamics (Judd, 1982) for the computation of the impact of perturbations on a steady state in a perfect-foresight model. The accuracy of this technique is demonstrated by numerical simulation experiments. Moreover, the technique is generalized to discrete-time models. Citation Copyright 1998 by Kluwer Academic Publishers.

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  • Meijdam, Lex & Verhoeven, Marijn, 1998. "Comparative Dynamics in Perfect-Foresight Models," Computational Economics, Springer;Society for Computational Economics, vol. 12(2), pages 115-124, October.
    • Handle: RePEc:kap:compec:v:12:y:1998:i:2:p:115-24
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    1. Robert J. Barro, 2013. "Inflation and Economic Growth," Annals of Economics and Finance, Society for AEF, vol. 14(1), pages 121-144, May.
    2. Judd, Kenneth L, 1985. "Short-run Analysis of Fiscal Policy in a Simple Perfect Foresight Model," Journal of Political Economy, University of Chicago Press, vol. 93(2), pages 298-319, April.
    3. Bovenberg, A. L. & Keller, W. J., 1984. "Non-linearities in applied general equilibrium models," Economics Letters, Elsevier, vol. 14(1), pages 53-59.
    4. Blanchard, Olivier Jean & Kahn, Charles M, 1980. "The Solution of Linear Difference Models under Rational Expectations," Econometrica, Econometric Society, vol. 48(5), pages 1305-1311, July.
    5. Judd, Kenneth L, 1987. "The Welfare Cost of Factor Taxation in a Perfect-Foresight Model," Journal of Political Economy, University of Chicago Press, vol. 95(4), pages 675-709, August.
    6. Bovenberg, A Lans, 1989. "The Effects of Capital Income Taxation on International Competitiveness and Trade Flows," American Economic Review, American Economic Association, vol. 79(5), pages 1045-1064, December.
    7. Bovenberg, A.L., 1989. "The effects of capital income taxation on international competitiveness and trade flows," Other publications TiSEM e64b6c96-399c-460f-9eff-7, Tilburg University, School of Economics and Management.
    8. Judd, Kenneth L., 1982. "An alternative to steady-state comparisons in perfect foresight models," Economics Letters, Elsevier, vol. 10(1-2), pages 55-59.
    9. Xavier Sala-I-Martin, 1997. "Transfers, Social Safety Nets, and Economic Growth," IMF Staff Papers, Palgrave Macmillan, vol. 44(1), pages 81-102, March.
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    Cited by:

    1. Leers, T., 2001. "Public pensions and population ageing : An economic analysis of fertility, migration and social-security policy," Other publications TiSEM 0c2c876f-d263-4d1e-b820-c, Tilburg University, School of Economics and Management.
    2. Meijdam, Lex & Verbon, Harrie A A, 1996. "Aging and Political Decision Making on Public Pensions," Journal of Population Economics, Springer;European Society for Population Economics, vol. 9(2), pages 141-158, May.
    3. Yvonne Adema & Lex Meijdam & Harrie Verbon, 2009. "The international spillover effects of pension reform," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 16(5), pages 670-696, October.
    4. Meijdam, Lex & Verbon, Harrie A A, 1997. "Aging and Public Pensions in an Overlapping-Generations Model," Oxford Economic Papers, Oxford University Press, vol. 49(1), pages 29-42, January.
    5. Xiaoyong Cui & Liutang Gong & Xiaojun Zhao & Heng-fu Zou, 2013. "The Z -transform method for multidimensional dynamic economic systems," Applied Economics Letters, Taylor & Francis Journals, vol. 20(11), pages 1081-1088, July.

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