Recursive Macroeconomic Theory, Third Edition

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OccBin: A Toolkit for Solving Dynamic Models With Occasionally Binding Constraints Easily (2015, methodology): “We obtain the value function from the decision rule using the Howard improvement algorithm as described in Ljungqvist and Sargent (2004). We find that the value of the subsidy for the baseline parameterization is $1 per about $14,500,000 of consumption.”