Kenneth L. Judd

TL;DR: In this article, the authors explore alternative approaches to numerical solutions of large rational expectations models, focussing on the tradeoffs in accuracy, space, and speed, and show that these methods are capable of analyzing moderately large models even when they use only elementary, general purpose numerical methods.

TL;DR: In this paper, a technique for the computation of the welfare impact of a pertubation of the steady state in a typical perfect foresight model is presented, where the major innovation is the ability to analyze non-stationary perturbations.

TL;DR: In this article, the authors explore alternative approaches to numerical solutions of large rational-expectations models, focusing on the trade-offs in accuracy, space, and speed, and show that these methods are capable of analyzing moderately large models even when they use only elementary, general-purpose numerical methods.

TL;DR: In this article, the authors argue that imperfect competition is an essential feature of innovation and growth in the "new economy" and that it has particularly striking implications for the taxation of capital.

TL;DR: In this paper, the authors propose a more efficient implementation of the Smolyak method for interpolation, namely, they show how to avoid costly evaluations of repeated basis functions in the conventional SMolyak formula, and they extend the SMOLYAK method to include anisotropic constructions that allow to target higher quality of approximation in some dimensions than in others.