Theory, measurement and calibration of macroeconomic models

• 成果类型: Article
• 署名作者: Gomme, Paul; Rupert, Peter
• 署名单位: Concordia University - Canada; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2005.09.005
• 发表日期: 2007
• 页码: 460-497
• 关键词: Calibration; capital stock; business cycles; INVESTMENT

摘要

Calibration has become a standard tool of macroeconomics. This paper extends and refines the calibration methodology along several important dimensions. First, accounting for home production is important both in measuring calibration targets and in organizing the data in a model-consistent fashion. For this reason, thinking about home production is important even if the model under consideration does not include home production. Second, investment-specific technological change is included because of its strong balanced growth parameter restrictions. Third, the measurement strategy is laid out as transparently as possible so that others can easily replicate the underlying calculations. The data and calculations used in this paper are available at http://clevelandfed.org/research/Models/rbc/Index.cfm (c) 2006 Elsevier B.V. All rights reserved.