Homework 2 Macro-Finance Fall 2017 Felix Kubler November 1, 2017
Instructions: • Please answer the entire question • Please send me code and results per e-mail by Friday November 17th 11 am. • Please do not work in groups. • Good luck ! Questions:
1
The Stochastic Ramsey model
Suppose there is a single agent with β = 0.9, v(c) = log(c), there are two states which are iid with equal probabilities π1 = π2 = 0.5 and the firm’s production function is f (k, 1) = 0.9k 0.3 + 0.3k,
f (k, 2) = 1.1k 0.3 + 0.9k
Discretize the possible capital values to 500 points. Use value function iteration to compute the policy function for consumption and investment. Plot this function. Use policy iteration and compare the speed of convergence. Finally interpolate the policy function by a polynomial of degree 4 and redo the value function iteration. Redo the same exercise with β = 0.999 and with v(c) = −c−4 .
Nov 1, 2017 - Please send me code and results per e-mail by Friday November 17th 11 am. ⢠Please do not work in groups. ⢠Good luck ! Questions: 1 The Stochastic Ramsey model. Suppose there is a single agent with β = 0.9, v(c) = log(c), there are two states which are iid with equal probabilities Ï1 = Ï2 = 0.5 and the ...
Dec 7, 2017 - Please send me code and results per e-mail by Friday December 22nd 11 am. ⢠Please do not work in groups. ⢠Good luck ! Questions: 1 A simple bond economy. Suppose there are two infinitely lived agents in the basic infinite horizon
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