Estibration: An Illustration of Structural Estimation As Calibration
Edward J. Balistreri
Colorado School of Mines - Division of Economics and Business
Russell H. Hillberry
University of Melbourne - Department of Economics
Christina Dawkins, T.N. Srinivasan, and John Whalley (2001) propose that 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.
Number of Pages in PDF File: 40
Keywords: Calibration, estimation, general equilibrium
JEL Classification: F10, C13, C60working papers series
Date posted: September 14, 2004
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