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• W2073449579 abstract "The calibration technique is the most common procedure to match the data generated from an equilibrium business cycle model with actual macroeconomic time series. This paper goes a step further and tests and applies a maximum likelihood procedure, in combination with the simulated annealing, to estimate the parameters of a baseline RBC model from U.S. macroeconomic time series data. The procedure is tested on a simulated data set where the parameters are known and then applied to U.S. time series data. This permits us to evaluate the efficiency of the procedure and the extent to which the RBC model is a good representation of macroeconomic data." @default.
• W2073449579 created "2016-06-24" @default.
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• W2073449579 date "1996-09-01" @default.
• W2073449579 modified "2023-10-18" @default.
• W2073449579 title "Estimating parameters of real business cycle models" @default.
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• W2073449579 doi "https://doi.org/10.1016/s0167-2681(96)00872-4" @default.
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