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The relaxation of complementary slackness conditions in dynamic general equilibrium models
 
PIIS023408790001939-6-1
DOI10.31857/S023408790001939-6
Publication type Article
Status Published
Authors
S. Vasilyev 
Affiliation: National Research University Higher School of Economics
Address: Russian Federation
S. Radionov
Affiliation: Financial Research Institute of the Ministry of Finance of the Russian Federation
Address: Russian Federation
N. Pilnik
Affiliation: Federal Research Center «Computer Science and Control» of the RAS
Address: Russian Federation
Journal nameMatematicheskoe modelirovanie
EditionVolume 30 Number 12
Pages111-128
Abstract

In this article we propose the description and the rationale of the heuristic approach, which can be used in applied dynamic economic models containing agents' optimization problems. Solution of these problems leads to a system containing differential and algebraic equations, inequalities and complementary slackness conditions. These conditions significantly complicate the analysis of such models even on the calibration stage. In this article we show how the natural assumption of the alternation of regimes, which are defined by a way of complementary slackness conditions resolution, leads to relations which are more regular and convenient from the point of model calibration.

Keywordsgeneral equilibrium, dynamic models, optimality principle, bank model, complementary slackness conditions
AcknowledgmentThe study was carried out at the expense of a grant from the Russian Science Foundation (project No. 14-11-00432).
Received10.11.2018
Publication date30.11.2018
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