Generalized Laws of Large Numbers for the Simulation of Dynamic Economies
نویسندگان
چکیده
In this paper we are concerned with the simulation of stationary dynamic economies that go beyond the convex representative agent framework. We allow for noncontinuous Markovian laws of motion that may occur in models with discrete choices, multiple equilibria, bargaining power, optimal monetary and fiscal policies, heterogeneous agents, and market distortions. We prove the existence of an invariant distribution for the equilibrium correspondence, and establish some convergence and accuracy properties for the simulated moments. We obtain these results without imposing arbitrary convexity assumptions on the equilibrium correspondence.
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