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Estibration: An illustration of . . .

By Edward J. Balistreri and Russell H. Hillberry


Christina Dawkins, T. N. Srinivasan, and ... estimation is calibration. We illustrate their point by examining a recent econometric study by James E. Anderson and Eric van Wincoop (2003). We replicate the econometric process, and show it to be a calibration of a general equilibrium model. Our approach offers unique insights into structural estimation, and we highlight the importance of traditional calibration considerations when one uses econometric techniques to calibrate a model for comparative policy analysis

Year: 2004
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