WinSolve

Developer: Richard Pierse

Latest Release: WinSolve 4.0

Operating System: Windows (32-bit only)

WinSolve is a 32-bit Windows program for solving (nonlinear) models. The prime emphasis of the program is on user friendliness and graphical presentation, making it ideal for new users. It contains all the facilities needed by the professional model builder and is also useful to the wider academic community, both in research and for teaching.

WinSolve is a program for solving and simulating nonlinear models. It will handle a wide class of models including both theoretical models such as stochastic dynamic general equilibrium (SDGE) models and econometric models such as macroeconomic models. WinSolve is a 32-bit Windows application that runs under all current versions of the Windows operating system. There are no explicit hardware requirements; the size of model that can be built and solved is limited solely by the memory available on your computer.

The WinSolve project has been partly supported by an award from the UK Economic and Social Science Research Council under the Macroeconomic Modelling Programme.

WinSolve 4.0 is a major new release and has the following new features:

  1. Linear solution algorithms New linear solution algorithms have been added. These compute first order perturbation approximations in either the levels or logarithms of the model variables. The model is automatically reformulated in a general state space form and then solved using a generalised real Schur decomposition (qz algorithm) that deals automatically with singularities.
  2. Stochastic simulation Stochastic simulation now allows the user to produce quantiles of the distribution as well as a consistent estimate of the mode. The quantiles can be displayed in the form of true fan charts of the empirical distribution of the simulated variables.
  3. LQ optimal control New linear quadratic optimal control methods have been added to augment the nonlinear control methods already available. The new methods allow both optimal control and time-consistent control solutions to be computed in non co-operative games involving multiple players. If the model is not already linear, it will be automatically linearised or log-linearised.
  4. General non-linear optimal control A new non-linear control option allows loss functions to be written as user-defined model equations. Arbitrary loss function can thus be specified.
  5. Steady state solution mode A new solution mode is available. This solves numerically for the steady state of a model by collapsing the dynamics and solving the system as if it were static.
  6. Model language extensions The WinSolve model language has been extended to allow the definition of temporary variables. These variables can be used within model equations but are substituted out of the model at the compilation stage and so do not appear in the final model.
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