• Published 2002

Perturbation methods for general dynamic stochastic models

@inproceedings{Jin2002PerturbationMF,
  title={Perturbation methods for general dynamic stochastic models},
  author={H. Jin},
  year={2002}
}
We describe a general Taylor series method for computing asymptotically valid approximations to deterministic and stochastic rational expectations models near the deterministic steady state. Contrary to conventional wisdom, the higher-order terms are conceptually no more difficult to compute than the conventional deterministic linear approximations. We display the solvability conditions for secondand third-order approximations and show how to compute the solvability conditions in general. We… CONTINUE READING

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