Comments (2)
A version of this can be done with MarkovModel (e.g. the serially correlated permanent growth example; can make other examples), but this is also a good candidate for a contributor who wants to write a new model for HARK.
The main contribution is permanent income as a state variable during solution, rather than normalized out. This will be useful both for persistent income shocks and models where absolute dollars matter: multiple consumption goods, progressive income tax, etc.
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I completed this in my own fork, will issue pull request shortly.
New file ConsPersistentShockModel has two models: an "explicit permanent income" model that is identical to ConsIndShock except that permanent income is tracked as a state variable explicitly rather than normalized out; and a "persistent shock" model that generalizes the permanent income process to an AR1 (in logs) rather than random walk. Latter model is identical to former model when PermIncCorr = 1.0.
Cubic spline consumption function and value function construction both work. Possible extension is a progressive income tax model.
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Related Issues (20)
- Feature request: markov chains
- ConsBequestModel.py, ConsWealthPortfolioModel, and their inheritances HOT 12
- Align 'new python model' format with recent language research outcomes
- Configurable mortality and aging in an AgentTypeMonteCarloSimulator HOT 1
- YAML config file to New Python Model Format (NPMF)
- NPMF for ConsIndShock HOT 4
- utilities.py: metadata bug in make_figs() HOT 7
- IndexError when solving ConsPortfolioModel HOT 2
- PermShk's are not random enough HOT 2
- We should not use both `seed` and `RNG`. HOT 4
- ImportError: cannot import name 'generated_jit' from 'numba' HOT 4
- Module not found... numpy? HOT 6
- calc_stable_points is being run when it shouldn't be
- ConsBequestModel and related example notebooks HOT 1
- Improve contributor guide with respect to API documentation
- What is update? How many terminal solutions? HOT 8
- Inheritance... HOT 4
- Proposed constructed input framework HOT 11
- Make sure our links are updated to the new doc website
- Should pytest be a requirement? HOT 3
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