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54 changes: 27 additions & 27 deletions central-banks-hark-and-ssj.html
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}
.reveal .slide:not(.center) {
height: 100%;
overflow-y: auto;
}
.reveal .slide.scrollable {
overflow-y: auto;
Expand Down Expand Up @@ -345,7 +344,7 @@ <h1>Econ-ARK for Central Banks</h1>
<p>2024-10</p>
<p>Christopher Carroll</p>
<p>Johns Hopkins University</p>
<p><a href="link%20to%20button">Powered By Econ-ARK</a></p>
<p>Powered By <a href="http://www.econ-ark.org">Econ-ARK</a></p>
</section>
<section id="microfoundations-in-a-nutshell-12" class="slide level2 smaller">
<h2>Microfoundations in a Nutshell (1/2)</h2>
Expand All @@ -365,7 +364,7 @@ <h3 id="bewley-1977">Bewley (1977)</h3>
<h2>Microfoundations in a Nutshell (2/2)</h2>
<h3 id="early-1990s-numerical-computation-of-ss-distn-of-wealth">Early 1990s: Numerical computation of SS dist’n of wealth</h3>
<ul>
<li>Life Cycle/OLG:
<li>Life Cycle / OLG:
<ul>
<li>Zeldes (1989); Hubbard, Skinner, and Zeldes (1994, 1995);</li>
<li>Huggett (1996); Carroll (1997)</li>
Expand All @@ -374,15 +373,15 @@ <h3 id="early-1990s-numerical-computation-of-ss-distn-of-wealth">Early 1990s: Nu
<ul>
<li>Deaton (1991); Carroll (1992); Aiyagari (1994)</li>
</ul></li>
<li>Aggregate <em>dynamics</em>? Hopeless:
<li>Aggregate <strong>dynamics</strong>? Hopeless:
<ul>
<li>requires predicting evolution of entire <strong>distribution</strong></li>
</ul></li>
</ul>
</section>
<section id="dynamics" class="slide level2 smaller">
<h2>Dynamics</h2>
<h3 id="krusell-smith-1998">Krusell-Smith (1998): <!-- somebody add link to our KS replication --></h3>
<h3 id="krusell-smith-1998"><a href="https://econ-ark.org/materials/krusellsmith/">Krusell-Smith (1998)</a>:</h3>
<ul>
<li><em>mean</em> of distribution <span class="math inline">\(\bar{k}\)</span> is good enough!</li>
<li>still excruciatingly slow</li>
Expand All @@ -396,7 +395,7 @@ <h3 id="reiter-2010">Reiter (2010):</h3>
</ul></li>
<li><span class="math inline">\(\Rightarrow\)</span> Reiter Singularity: 2014-2018
<ul>
<li>Culmination: “Sequence Space Jacobian” Toolkit: <!-- link --></li>
<li>Culmination: <a href="https://github.com/shade-econ/sequence-jacobian">“Sequence Space Jacobian” Toolkit</a>:</li>
<li>Bring us your micro SS and Jacobians wrt PF aggregate shocks
<ul>
<li>…We’ll give you the dynamic macro</li>
Expand All @@ -407,23 +406,23 @@ <h3 id="reiter-2010">Reiter (2010):</h3>
<section id="where-does-econ-ark-fit-12" class="slide level2 smaller">
<h2>Where Does Econ-ARK Fit? (1/2)</h2>
<h3 id="rich-set-of-tools-for-ss-micro">Rich Set of Tools for SS Micro …</h3>
<!-- Somebody please make links to relevant docs or REMARKs or DemARKs -->
<ul>
<li><a href="link%20me">Consumption/Saving</a></li>
<li><a href="link%20me">Portfolio Choice</a></li>
<li><a href="link%20me">Liquid and Illiquid Assets</a></li>
<li><a href="link%20me">Discrete-Continuous Problems</a>: <a href="link%20me">DC-EGM tool</a></li>
<li><a href="link%20me">Labor Supply</a>: <a href="link%20me">Keane and Imai</a></li>
<li><a href="link%20me">Medical Expense Risk</a></li>
<li><a href="link%20me">Life Cycle Modeling</a>: <a href="link%20me">solutions</a> and <a href="All%20the%20SCFs,%20with%20tools">datasets</a></li>
<ul>
<li><a href="https://docs.econ-ark.org/Documentation/reference/ConsumptionSaving/ConsIndShockModel.html">Consumption/Saving</a></li>
<li><a href="https://docs.econ-ark.org/Documentation/reference/ConsumptionSaving/ConsPortfolioModel.html">Portfolio Choice</a></li>
<li><a href="https://www.youtube.com/watch?v=dQw4w9WgXcQ">Liquid and Illiquid Assets</a></li>
<li><a href="https://econ-ark.org/materials/dcegm-upper-envelope/">Discrete-Continuous Problems</a>: <a href="https://docs.econ-ark.org/Documentation/reference/tools/dcegm.html">DC-EGM tool</a></li>
<li><a href="https://docs.econ-ark.org/Documentation/reference/ConsumptionSaving/ConsLaborModel.html">Labor Supply</a>: <a href="https://docs.econ-ark.org/Documentation/reference/tools/incomeprocess.html">Keane and Imai</a></li>
<li><a href="https://docs.econ-ark.org/Documentation/reference/ConsumptionSaving/ConsMedModel.html">Medical Expense Risk</a></li>
<li>Life Cycle Modeling: <a href="https://docs.econ-ark.org/examples/LifecycleModel/Cycles_tutorial.html">solutions</a> and <a href="https://docs.econ-ark.org/Documentation/reference/tools/incomeprocess.html">datasets</a></li>
<li>Sophisticated Liquidity Constraints
<ul>
<li><a href="link%20me">Higher rate for borrowing vs saving</a></li>
<li><a href="Mateo%20VG%20JMP">withdrawal penalties for retirement saving</a></li>
<li><a href="https://docs.econ-ark.org/Documentation/reference/ConsumptionSaving/ConsIndShockModel.html#HARK.ConsumptionSaving.ConsIndShockModel.KinkedRconsumerType">Higher rate for borrowing vs saving</a></li>
<li><a href="https://mateovg.com/files/pdf/JMP_VelasquezGiraldoM.pdf">Withdrawal penalties for retirement saving</a></li>
</ul></li>
<li>Etc etc</li>
</ul>
</section>
<section id="where-does-econ-ark-fit-22" class="slide level2 smaller scrollable">
<section id="where-does-econ-ark-fit-22" class="slide level2 smaller">
<h2>Where Does Econ-ARK Fit? (2/2)</h2>
<h3 id="easy-to-connect-to-ssj-toolkit">…Easy to Connect to SSJ toolkit</h3>
<ol type="1">
Expand All @@ -437,12 +436,14 @@ <h3 id="easy-to-connect-to-ssj-toolkit">…Easy to Connect to SSJ toolkit</h3>
<ul>
<li>Documentation Notebooks
<ul>
<li>(links to all three of our SSJ documentation notebooks)</li>
<li><a href="https://docs.econ-ark.org/examples/ConsNewKeynesianModel/SSJ_example.html">HARK and the Sequence Space Jacobian Method</a></li>
<li>Computing Heterogeneous Agent Jacobians in HARK](https://docs.econ-ark.org/examples/ConsNewKeynesianModel/Jacobian_Example.html)</li>
<li><a href="https://docs.econ-ark.org/examples/ConsNewKeynesianModel/KS-HARK-presentation.html">Solving Krusell-Smith Model with HARK and SSJ</a></li>
</ul></li>
<li>Papers:
<ul>
<li>Will Du: <a href="link%20me">HANK with Scarring</a></li>
<li>Bence Barosczy and Mateo Velasquez-Giraldo: HANK Comes of Age</li>
<li>Bence Barosczy and Mateo Velasquez-Giraldo: <a href="https://www.federalreserve.gov/econres/feds/hank-comes-of-age.htm">HANK Comes of Age</a></li>
<li>In progress: <a href="https://llorracc.github.io/HAFiscal">Welfare and Spending Effects of Consumption Stimulus Policies</a></li>
</ul></li>
</ul>
Expand All @@ -451,10 +452,10 @@ <h3 id="easy-to-connect-to-ssj-toolkit">…Easy to Connect to SSJ toolkit</h3>
<h2>But Wait, There’s More: Indirect Inference</h2>
<h3 id="life-cycle-model-gourinchas-parker-cagetti">Life Cycle Model (Gourinchas-Parker; Cagetti)</h3>
<ul>
<li><p><a href="link%20me">SolvingMicroDSOPs-Estimation</a></p></li>
<li><p>With Bequests? (DeNardi)</p>
<li></li>
<li>With Bequests? (DeNardi)
<ul>
<li><a href="link%20me">TRP Model Notebook</a></li>
<li><a href="https://github.com/econ-ark/EstimatingMicroDSOPs/blob/main/src/notebooks/Model_Comparisons.ipynb">TRP Model Notebook</a></li>
</ul></li>
</ul>
</section>
Expand Down Expand Up @@ -483,7 +484,7 @@ <h2>But Wait, There’s More: REMARKS</h2>
</ul></li>
</ul>
</section>
<section id="where-are-we-going-dynark" class="slide level2 smaller scrollable">
<section id="where-are-we-going-dynark" class="slide level2 smaller">
<h2>Where Are We Going? ‘DYNARK’:</h2>
<ul>
<li>Model specification tools for <strong>any</strong> Bellman Problem <a href="link%20me%20to%20latest%20pseudocode">(mockup)</a></li>
Expand Down Expand Up @@ -522,13 +523,12 @@ <h2>Why These Elements?</h2>
</ul></li>
</ul>
</section>
<section id="underlying-motivation" class="slide level2 smaller scrollable">
<section id="underlying-motivation" class="slide level2 smaller">
<h2>Underlying Motivation</h2>
<h3 id="tower-of-babel-problem">Tower of Babel problem</h3>
<ol type="1">
<li>Lack of transparency
<li>Lack of transparency: What exactly <strong>is</strong> your model?
<ul>
<li>What exactly <strong>is</strong> your model?</li>
<li>Lots of buried assumptions: gridpoints, boundaries, dstns</li>
</ul></li>
<li>Lack of replicability
Expand Down
54 changes: 27 additions & 27 deletions index.html
Original file line number Diff line number Diff line change
Expand Up @@ -244,7 +244,6 @@
}
.reveal .slide:not(.center) {
height: 100%;
overflow-y: auto;
}
.reveal .slide.scrollable {
overflow-y: auto;
Expand Down Expand Up @@ -345,7 +344,7 @@ <h1>Econ-ARK for Central Banks</h1>
<p>2024-10</p>
<p>Christopher Carroll</p>
<p>Johns Hopkins University</p>
<p><a href="link%20to%20button">Powered By Econ-ARK</a></p>
<p>Powered By <a href="http://www.econ-ark.org">Econ-ARK</a></p>
</section>
<section id="microfoundations-in-a-nutshell-12" class="slide level2 smaller">
<h2>Microfoundations in a Nutshell (1/2)</h2>
Expand All @@ -365,7 +364,7 @@ <h3 id="bewley-1977">Bewley (1977)</h3>
<h2>Microfoundations in a Nutshell (2/2)</h2>
<h3 id="early-1990s-numerical-computation-of-ss-distn-of-wealth">Early 1990s: Numerical computation of SS dist’n of wealth</h3>
<ul>
<li>Life Cycle/OLG:
<li>Life Cycle / OLG:
<ul>
<li>Zeldes (1989); Hubbard, Skinner, and Zeldes (1994, 1995);</li>
<li>Huggett (1996); Carroll (1997)</li>
Expand All @@ -374,15 +373,15 @@ <h3 id="early-1990s-numerical-computation-of-ss-distn-of-wealth">Early 1990s: Nu
<ul>
<li>Deaton (1991); Carroll (1992); Aiyagari (1994)</li>
</ul></li>
<li>Aggregate <em>dynamics</em>? Hopeless:
<li>Aggregate <strong>dynamics</strong>? Hopeless:
<ul>
<li>requires predicting evolution of entire <strong>distribution</strong></li>
</ul></li>
</ul>
</section>
<section id="dynamics" class="slide level2 smaller">
<h2>Dynamics</h2>
<h3 id="krusell-smith-1998">Krusell-Smith (1998): <!-- somebody add link to our KS replication --></h3>
<h3 id="krusell-smith-1998"><a href="https://econ-ark.org/materials/krusellsmith/">Krusell-Smith (1998)</a>:</h3>
<ul>
<li><em>mean</em> of distribution <span class="math inline">\(\bar{k}\)</span> is good enough!</li>
<li>still excruciatingly slow</li>
Expand All @@ -396,7 +395,7 @@ <h3 id="reiter-2010">Reiter (2010):</h3>
</ul></li>
<li><span class="math inline">\(\Rightarrow\)</span> Reiter Singularity: 2014-2018
<ul>
<li>Culmination: “Sequence Space Jacobian” Toolkit: <!-- link --></li>
<li>Culmination: <a href="https://github.com/shade-econ/sequence-jacobian">“Sequence Space Jacobian” Toolkit</a>:</li>
<li>Bring us your micro SS and Jacobians wrt PF aggregate shocks
<ul>
<li>…We’ll give you the dynamic macro</li>
Expand All @@ -407,23 +406,23 @@ <h3 id="reiter-2010">Reiter (2010):</h3>
<section id="where-does-econ-ark-fit-12" class="slide level2 smaller">
<h2>Where Does Econ-ARK Fit? (1/2)</h2>
<h3 id="rich-set-of-tools-for-ss-micro">Rich Set of Tools for SS Micro …</h3>
<!-- Somebody please make links to relevant docs or REMARKs or DemARKs -->
<ul>
<li><a href="link%20me">Consumption/Saving</a></li>
<li><a href="link%20me">Portfolio Choice</a></li>
<li><a href="link%20me">Liquid and Illiquid Assets</a></li>
<li><a href="link%20me">Discrete-Continuous Problems</a>: <a href="link%20me">DC-EGM tool</a></li>
<li><a href="link%20me">Labor Supply</a>: <a href="link%20me">Keane and Imai</a></li>
<li><a href="link%20me">Medical Expense Risk</a></li>
<li><a href="link%20me">Life Cycle Modeling</a>: <a href="link%20me">solutions</a> and <a href="All%20the%20SCFs,%20with%20tools">datasets</a></li>
<ul>
<li><a href="https://docs.econ-ark.org/Documentation/reference/ConsumptionSaving/ConsIndShockModel.html">Consumption/Saving</a></li>
<li><a href="https://docs.econ-ark.org/Documentation/reference/ConsumptionSaving/ConsPortfolioModel.html">Portfolio Choice</a></li>
<li><a href="https://www.youtube.com/watch?v=dQw4w9WgXcQ">Liquid and Illiquid Assets</a></li>
<li><a href="https://econ-ark.org/materials/dcegm-upper-envelope/">Discrete-Continuous Problems</a>: <a href="https://docs.econ-ark.org/Documentation/reference/tools/dcegm.html">DC-EGM tool</a></li>
<li><a href="https://docs.econ-ark.org/Documentation/reference/ConsumptionSaving/ConsLaborModel.html">Labor Supply</a>: <a href="https://docs.econ-ark.org/Documentation/reference/tools/incomeprocess.html">Keane and Imai</a></li>
<li><a href="https://docs.econ-ark.org/Documentation/reference/ConsumptionSaving/ConsMedModel.html">Medical Expense Risk</a></li>
<li>Life Cycle Modeling: <a href="https://docs.econ-ark.org/examples/LifecycleModel/Cycles_tutorial.html">solutions</a> and <a href="https://docs.econ-ark.org/Documentation/reference/tools/incomeprocess.html">datasets</a></li>
<li>Sophisticated Liquidity Constraints
<ul>
<li><a href="link%20me">Higher rate for borrowing vs saving</a></li>
<li><a href="Mateo%20VG%20JMP">withdrawal penalties for retirement saving</a></li>
<li><a href="https://docs.econ-ark.org/Documentation/reference/ConsumptionSaving/ConsIndShockModel.html#HARK.ConsumptionSaving.ConsIndShockModel.KinkedRconsumerType">Higher rate for borrowing vs saving</a></li>
<li><a href="https://mateovg.com/files/pdf/JMP_VelasquezGiraldoM.pdf">Withdrawal penalties for retirement saving</a></li>
</ul></li>
<li>Etc etc</li>
</ul>
</section>
<section id="where-does-econ-ark-fit-22" class="slide level2 smaller scrollable">
<section id="where-does-econ-ark-fit-22" class="slide level2 smaller">
<h2>Where Does Econ-ARK Fit? (2/2)</h2>
<h3 id="easy-to-connect-to-ssj-toolkit">…Easy to Connect to SSJ toolkit</h3>
<ol type="1">
Expand All @@ -437,12 +436,14 @@ <h3 id="easy-to-connect-to-ssj-toolkit">…Easy to Connect to SSJ toolkit</h3>
<ul>
<li>Documentation Notebooks
<ul>
<li>(links to all three of our SSJ documentation notebooks)</li>
<li><a href="https://docs.econ-ark.org/examples/ConsNewKeynesianModel/SSJ_example.html">HARK and the Sequence Space Jacobian Method</a></li>
<li>Computing Heterogeneous Agent Jacobians in HARK](https://docs.econ-ark.org/examples/ConsNewKeynesianModel/Jacobian_Example.html)</li>
<li><a href="https://docs.econ-ark.org/examples/ConsNewKeynesianModel/KS-HARK-presentation.html">Solving Krusell-Smith Model with HARK and SSJ</a></li>
</ul></li>
<li>Papers:
<ul>
<li>Will Du: <a href="link%20me">HANK with Scarring</a></li>
<li>Bence Barosczy and Mateo Velasquez-Giraldo: HANK Comes of Age</li>
<li>Bence Barosczy and Mateo Velasquez-Giraldo: <a href="https://www.federalreserve.gov/econres/feds/hank-comes-of-age.htm">HANK Comes of Age</a></li>
<li>In progress: <a href="https://llorracc.github.io/HAFiscal">Welfare and Spending Effects of Consumption Stimulus Policies</a></li>
</ul></li>
</ul>
Expand All @@ -451,10 +452,10 @@ <h3 id="easy-to-connect-to-ssj-toolkit">…Easy to Connect to SSJ toolkit</h3>
<h2>But Wait, There’s More: Indirect Inference</h2>
<h3 id="life-cycle-model-gourinchas-parker-cagetti">Life Cycle Model (Gourinchas-Parker; Cagetti)</h3>
<ul>
<li><p><a href="link%20me">SolvingMicroDSOPs-Estimation</a></p></li>
<li><p>With Bequests? (DeNardi)</p>
<li></li>
<li>With Bequests? (DeNardi)
<ul>
<li><a href="link%20me">TRP Model Notebook</a></li>
<li><a href="https://github.com/econ-ark/EstimatingMicroDSOPs/blob/main/src/notebooks/Model_Comparisons.ipynb">TRP Model Notebook</a></li>
</ul></li>
</ul>
</section>
Expand Down Expand Up @@ -483,7 +484,7 @@ <h2>But Wait, There’s More: REMARKS</h2>
</ul></li>
</ul>
</section>
<section id="where-are-we-going-dynark" class="slide level2 smaller scrollable">
<section id="where-are-we-going-dynark" class="slide level2 smaller">
<h2>Where Are We Going? ‘DYNARK’:</h2>
<ul>
<li>Model specification tools for <strong>any</strong> Bellman Problem <a href="link%20me%20to%20latest%20pseudocode">(mockup)</a></li>
Expand Down Expand Up @@ -522,13 +523,12 @@ <h2>Why These Elements?</h2>
</ul></li>
</ul>
</section>
<section id="underlying-motivation" class="slide level2 smaller scrollable">
<section id="underlying-motivation" class="slide level2 smaller">
<h2>Underlying Motivation</h2>
<h3 id="tower-of-babel-problem">Tower of Babel problem</h3>
<ol type="1">
<li>Lack of transparency
<li>Lack of transparency: What exactly <strong>is</strong> your model?
<ul>
<li>What exactly <strong>is</strong> your model?</li>
<li>Lots of buried assumptions: gridpoints, boundaries, dstns</li>
</ul></li>
<li>Lack of replicability
Expand Down

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