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dc.contributor.authorTrimborn, Timoen_US
dc.date.accessioned2009-01-29T14:59:59Z-
dc.date.available2009-01-29T14:59:59Z-
dc.date.issued2007en_US
dc.identifier.urihttp://hdl.handle.net/10419/22475-
dc.description.abstractWe derive the well-known continuity principle for adjoint variables for preannounced or anticipated changes in parameters for continuoustime, infinite-horizon, perfect foresight optimization models. For easy and intuitive numerical computation of the resulting multi point boundary value problem we suggested to simulate the resulting differential algebraic system representing the first order conditions. By ensuring that the state variables and the adjoint variables are continuous, potential jumps in the control variables are calculated automatically. This can be easily conducted with the relaxation algorithm as proposed by Trimborn et al. (2007). We solve a Ramsey model extended by an elementary Government sector numerically. Simulations of a preannounced increase in the consumption tax show a qualitative different pattern depending on the intertemporal elasticity of substitution.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesDiskussionspapiere des Fachbereichs Wirtschaftswissenschaften, Universität Hannover 363en_US
dc.subject.jelO40en_US
dc.subject.jelC63en_US
dc.subject.jelC61en_US
dc.subject.ddc330en_US
dc.subject.keywordanticipated shocksen_US
dc.subject.keywordcontinuous-time optimizationen_US
dc.subject.keywordnumerical solutionen_US
dc.titleAnticipated Shocks in Continuous-time Optimization Models: Theoretical Investigation and Numerical Solutionen_US
dc.typeWorking Paperen_US
dc.identifier.ppn528419242en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Diskussionspapiere, Wirtschaftswissenschaftliche Fakultät, Universität Hannover

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