diff --git a/Excerpts/the-problem.texinput b/Excerpts/the-problem.texinput index 798d479b6..e55a26e28 100644 --- a/Excerpts/the-problem.texinput +++ b/Excerpts/the-problem.texinput @@ -5,6 +5,8 @@ We are interested in the behavior a consumer who begins {\interval} $t$ with a c \bLvl_{t} & = \kLvl_{t}\Rfree_{t}. \label{eq:bLvl} \end{aligned}\end{gathered}\end{equation} +\write18{if [ ! -f \texname.bib ]; then touch \texname.bib ; fi}\write18{if [ ! -f \texname-Add.bib ]; then touch \texname-Add.bib ; fi}\bibliography{economics,\texname,\texname-Add}\end{document}\endinput + Simultaneously with the realization of the capital return, the consumer also receives noncapital income $\yLvl_{t}$, which is determined by multiplying the consumer's `permanent income' $\pLvl_{t}$ by a transitory shock $\TranShkEmp_{t}$: \begin{equation}\begin{gathered}\begin{aligned} \yLvl_{t} & = \pLvl_{t}\TranShkEmp_{t} \label{eq:yLvl} diff --git a/SolvingMicroDSOPs.bib b/SolvingMicroDSOPs.bib index da93886a9..745e36aab 100644 --- a/SolvingMicroDSOPs.bib +++ b/SolvingMicroDSOPs.bib @@ -80,198 +80,3 @@ @article{samuelson:portfolio year = {1969}, } -@book{deatonUnderstandingC, - address = {New York}, - author = {Deaton, Angus S.}, - publisher = {Oxford University Press}, - title = {{U}nderstanding {C}onsumption}, - year = {1992}, -} - -@article{BufferStockTheory, - author = {Christopher D. Carroll}, - journal = {Revise and Resubmit, Quantitative Economics}, - title = {Theoretical Foundations of Buffer Stock Saving}, - year = {2023}, - doi = {https://zenodo.org/badge/latestdoi/304124725}, - url = {https://econ-ark.github.io/BufferStockTheory}, -} - -@phdthesis{valencia:2006, - author = {Valencia, Fabian}, - month = {October}, - school = {Johns Hopkins University}, - title = {Banks' Financial Structure and Business Cycles}, - year = {2006}, - abstract = {}, -} - -@article{Tanaka2013-bc, - author = {Tanaka, Ken'ichiro and Toda, Alexis Akira}, - journal = {Economics letters}, - month = mar, - number = {3}, - pages = {445--450}, - publisher = {Elsevier}, - title = {{Discrete approximations of continuous distributions - by maximum entropy}}, - volume = {118}, - year = {2013}, - abstract = {PDF | On Mar 1, 2013, Ken'ichiro Tanaka and others - published Discrete approximations of continuous - distributions by maximum entropy | Find, read and - cite all the research you need on ResearchGate}, - doi = {10.1016/j.econlet.2012.12.020}, - issn = {0165-1765}, - url = {https://www.researchgate.net/publication/ - 256994855_Discrete_approximations_of_continuous_distributions_by_maximum_entropy}, -} - -@article{kopecky2010finite, - author = {Kopecky, Karen A. and Suen, Richard M.H.}, - journal = {Review of Economic Dynamics}, - note = {\url{http://www.karenkopecky.net/RouwenhorstPaper.pdf}}, - number = {3}, - pages = {701--714}, - publisher = {Elsevier}, - title = {Finite State Markov-Chain Approximations To Highly - Persistent Processes}, - volume = {13}, - year = {2010}, - url = {http://www.karenkopecky.net/RouwenhorstPaper.pdf}, -} - -@article{denHaanMarcet:parameterized, - author = {den Haan, Wouter J and Marcet, Albert}, - journal = {Journal of Business and Economic Statistics}, - month = {January}, - note = {Available at - {\url{http://ideas.repec.org/a/bes/jnlbes/v8y1990i1p31-34.html}}}, - number = {1}, - pages = {31--34}, - title = {Solving the Stochastic Growth Model by Parameterizing - Expectations}, - volume = {8}, - year = {1990}, -} - -@article{ckConcavity, - author = {Carroll, Christo{\-}pher D. and - Kim{\-}ball, Miles S.}, - journal = {Econometrica}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/concavity.pdf}}, - number = {4}, - pages = {981--992}, - title = {On the {C}on{\-}cav{\-}ity of the {C}onsumption - {F}unction}, - volume = {64}, - year = {1996}, - url = {https://www.econ2.jhu.edu/people/ccarroll/concavity.pdf}, -} - -@article{deatonLiqConstr, - author = {Deaton, Angus S.}, - journal = {Econometrica}, - note = {\url{https://www.jstor.org/stable/2938366}}, - pages = {1221-1248}, - title = {Saving and Liquidity Constraints}, - volume = {59}, - year = {1991}, - url = {http://www.jstor.org/stable/2938366}, -} - -@article{carroll:brookings, - author = {Carroll, Christopher D.}, - journal = {Brookings Papers on Economic Activity}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/BufferStockBPEA.pdf}}, - number = {2}, - pages = {61--156}, - title = {The Buffer-Stock Theory of Saving: Some Macroeconomic - Evidence}, - volume = {1992}, - year = {1992}, - url = {https://www.econ2.jhu.edu/people/ccarroll/ - BufferStockBPEA.pdf}, -} - -@article{carrollBSLCPIH, - author = {Carroll, Christopher D.}, - journal = {Quarterly Journal of Economics}, - number = {1}, - pages = {1--56}, - title = {Buffer Stock Saving and the Life Cycle/Permanent - Income Hypothesis}, - volume = {CXII}, - year = {1997}, -} - -@article{palumbo:medical, - author = {Palumbo, Michael G}, - journal = {Review of Economic Studies}, - note = {Available at - {\url{http://ideas.repec.org/a/bla/restud/v66y1999i2p395-421.html}}}, - number = {2}, - pages = {395--421}, - title = {Uncertain Medical Expenses and Precautionary Saving - Near the End of the Life Cycle}, - volume = {66}, - year = {1999}, -} - -@article{carroll&samwick:nature, - author = {Carroll, Christopher D. and Samwick, Andrew A.}, - journal = {Journal of Monetary Economics}, - number = {1}, - pages = {41--71}, - title = {The {N}ature of {P}recautionary {W}ealth}, - volume = {40}, - year = {1997}, - url = {https://www.econ2.jhu.edu/people/ccarroll/papers/ - nature.pdf}, -} - -@article{AttanasioBanksMeghirWeber, - author = {Attanasio, O.P. and Banks, J. and Meghir, C. and - Weber, G.}, - journal = {Journal of Business and Economic Statistics}, - number = {1}, - pages = {22--35}, - publisher = {JSTOR}, - title = {Humps and Bumps in Lifetime Consumption}, - volume = {17}, - year = {1999}, -} - -@inproceedings{horowitzBootstrap, - author = {Joel L. Horowitz}, - booktitle = {Handbook of Econometrics}, - editor = {James J. Heckman and Edward Leamer}, - publisher = {Elsevier/North Holland}, - title = {The Bootstrap}, - volume = {5}, - year = {2001}, -} - -@article{andrews2017measuring, - author = {Andrews, Isaiah and Gentzkow, Matthew and - Shapiro, Jesse M}, - journal = {The Quarterly Journal of Economics}, - number = {4}, - pages = {1553--1592}, - publisher = {Oxford University Press}, - title = {Measuring the sensitivity of parameter estimates to - estimation moments}, - volume = {132}, - year = {2017}, -} - -@book{judd:book, - address = {Cambridge, Massachusetts}, - author = {Judd, Kenneth L.}, - publisher = {The MIT Press}, - title = {Numerical Methods in Economics}, - year = {1998}, -} - diff --git a/SolvingMicroDSOPs.pdf b/SolvingMicroDSOPs.pdf index b7f72aff1..70f10930a 100644 Binary files a/SolvingMicroDSOPs.pdf and b/SolvingMicroDSOPs.pdf differ diff --git a/SolvingMicroDSOPs.tex b/SolvingMicroDSOPs.tex index dd528c5e7..a8ddebf8b 100644 --- a/SolvingMicroDSOPs.tex +++ b/SolvingMicroDSOPs.tex @@ -183,7 +183,7 @@ \section{The Problem}\label{sec:the-problem} \bLvl_{t} & = \kLvl_{t}\Rfree_{t}. \label{eq:bLvl} \end{aligned}\end{gathered}\end{equation} -\write18{if [ ! -f \texname.bib ]; then touch \texname.bib ; fi}\write18{if [ ! -f \texname-Add.bib ]; then touch \texname-Add.bib ; fi}\bibliography{economics,\texname,\texname-Add}\end{document}\endinput +% \write18{if [ ! -f \texname.bib ]; then touch \texname.bib ; fi}\write18{if [ ! -f \texname-Add.bib ]; then touch \texname-Add.bib ; fi}\bibliography{economics,\texname,\texname-Add}\end{document}\endinput Simultaneously with the realization of the capital return, the consumer also receives noncapital income $\yLvl_{t}$, which is determined by multiplying the consumer's `permanent income' $\pLvl_{t}$ by a transitory shock $\TranShkEmp_{t}$: \begin{equation}\begin{gathered}\begin{aligned} diff --git a/SolvingMicroDSOPs.title b/SolvingMicroDSOPs.title index 4e8055945..420c63e0d 100644 --- a/SolvingMicroDSOPs.title +++ b/SolvingMicroDSOPs.title @@ -1 +1 @@ - Solution Methods for Microeconomic Dynamic Stochastic Optimization Problems + Solution Methods for Microeconomic \\ Dynamic Stochastic Optimization Problems diff --git a/cctwMoM.bib b/cctwMoM.bib index 48da21743..3204d6f03 100644 --- a/cctwMoM.bib +++ b/cctwMoM.bib @@ -30,21 +30,3 @@ @article{SolvingMicroDSOPs url = {https://llorracc.github.io/SolvingMicroDSOPs}, } -@article{carrollEGM, - author = {Carroll, Christopher D.}, - journal = {Economics Letters}, - month = {September}, - note = - {\url{https://www.econ2.jhu.edu/people/ccarroll/EndogenousGridpoints.pdf}}, - number = {3}, - pages = {312--320}, - title = {The {M}ethod of {E}ndogenous {G}ridpoints for - {S}olving {D}ynamic {S}tochastic {O}ptimization - {P}roblems}, - volume = {91}, - year = {2006}, - doi = {10.1016/j.econlet.2005.09.013}, - url = {https://www.econ2.jhu.edu/people/ccarroll/ - EndogenousArchive.zip}, -} - diff --git a/cctwMoM.pdf b/cctwMoM.pdf index 6964f8b68..21dda3c19 100644 Binary files a/cctwMoM.pdf and b/cctwMoM.pdf differ diff --git a/cctwMoM.tex b/cctwMoM.tex index 0e8e698f2..a57adb788 100755 --- a/cctwMoM.tex +++ b/cctwMoM.tex @@ -170,7 +170,7 @@ \section{The Realist's Problem} (The generalization to the case with permanent shocks is straightforward.) -\write18{if [ ! -f \texname.bib ]; then touch \texname.bib ; fi}\write18{if [ ! -f \texname-Add.bib ]; then touch \texname-Add.bib ; fi}\bibliography{economics,\texname,\texname-Add}\end{document}\endinput +%\write18{if [ ! -f \texname.bib ]; then touch \texname.bib ; fi}\write18{if [ ! -f \texname-Add.bib ]; then touch \texname-Add.bib ; fi}\bibliography{economics,\texname,\texname-Add}\end{document}\endinput \hypertarget{Benchmark}{} \section{Benchmark: The Method of Endogenous Gridpoints}