Gary S. Anderson

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We present an algorithm and software routines for computing nth-order Taylor series approximate solutions to dynamic, discrete-time rational expectations models around a nonstochastic steady state. The primary advantage of higher-order (as opposed to first-or second-order) approximations is that they are valid not just locally, but often globally (i.e.,(More)
  • Matthew B. Canzoneri, Robert E. Cumby, +12 authors Eric Swanson
  • 2004
We calculate the welfare cost of nominal inertia in a New Neoclassical Synthesis model with wage and price stickiness, capital formation, and empirically estimated rules for government spending and the cental bank's interest rate policy. We calibrate our model to U.S. data, and we show that it captures many aspects of the U.S. business cycle. Moreover, our(More)
NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminary materials circulated to stimulate discussion and critical comment. The analysis and conclusions set forth are those of the authors and do not indicate concurrence by other members of the research staff or the Board of Governors. References in publications to the(More)
Since Kydland and Prescott (1977) and Barro and Gordon (1983), a quadratic one-period loss function has been used widely in most of existing literature to analyze inflation bias induced by discretion. In this paper, instead of following the conventional linear-quadratic approach , we use a projection method to investigate the size of inflation bias in a(More)
Economists have long used overlapping generations models to explore important empirical and theoretical issues in public nance, development, international trade, savings and monetary policy. Recently, some researchers have criticized the way these and other models characterize the long run tendency of the economy. If the equations which codify the(More)
This note describes a Matlab program for solving linear rational expectation problems. The gen-sysToAMA program provides a version of the Anderson-Moore algorithm (AMA) that has a matrix interface exactly the same as the gensys program. The code allows the user to invoke the AMA solution code, a copy of their own version of gensys, or a copy of gensys that(More)
Linearizing non linear models about their steady state makes it possible to use the Anderson-Moore Algorithm(AIM) to investigate their saddle point properties and to efficiently compute their solutions. Using AIM to check the long run dynamics of non linear models avoids many of the burdensome computations associated with alternative methods for verifying(More)
The aim of this study was to examine strategies for selecting a criterion value during anthropometric data assembly and their resilience to imposed error. Sixty-seven women aged 16-60 years were subjected to three separate series of measurements, which included six skinfolds and three girths. A random error term was added to the first of the three series of(More)