TY  - JOUR
AU  - Taylor,John B.
AU  - Uhlig,Harald
TI  - Solving Nonlinear Stochastic Growth Models:  A Comparison of Alternative Solution Methods
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 3117
PY  - 1990
Y2  - September 1990
UR  - http://www.nber.org/papers/w3117
L1  - http://www.nber.org/papers/w3117.pdf
N1  - Author contact info:
John B. Taylor
Herbert Hoover Memorial Building
Stanford University
Stanford, CA 94305-6010
Tel: 650/723-9677
Fax: 650-723-1687
E-Mail: John.Taylor@stanford.edu

Harald Uhlig
Dept. of Economics
University of Chicago
1126 E 59th Street
Chicago, IL 60637
Tel: 773/702-3702
Fax: 773/702-8490
E-Mail: huhlig@uchicago.edu
AB  - The purpose of this paper is to report on a comparison of several alternative numerical solution techniques for nonlinear rational expectations models. The comparison was made by asking individual researchers to apply their different solution techniques to a simple representative agent, optimal, stochastic growth model. Decision rules as well as simulated time series are compared. The differences among the methods turned out to be quite substantial for certain aspects of the growth model. Therefore, researchers might want to be careful not to rely blindly on the results of any chosen numerical solution method in applied work.
ER  -