This set of programs solves dynamic rational expectations models for non-cooperative and cooperative dynamic game equilibria between two players. The algorithm calculates time-consistent, closed loop, optimal reaction functions for one or two players and then allows the user to introduce a shock and calculate the equilibrium outcomes.
FAIR-TAYLOR is a program for solving nonlinear rational expectations models. The algorithm is written to solve deterministic models for the perfect foresight path, but can be easily modified for the stochastic case. The algorithm will handle up to 90 equations. Includes a sample two-country macroeconomic model.
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