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A projection method employing finite elements and a parameterized expectations algorithm is proposed for the global approximation of the equilibrium of a cash-in-advance model economy. The algorithm is shown to be accurate and efficient approximating highly nonlinear regions of the policy functions, specifically along the space of state variables where the slackness multiplier of the cash-in-advance...
This paper proposes and compares in terms of speed and accuracy two alternative approximation methods employing finite elements to parameterize the true policy functions that solve for the equilibrium of an optimal growth model with leisure and irreversible investment. The occasionally binding constraint in investment is efficiently handled on one algorithm by parameterizing the expectations of the...
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