of Calibration by Lars Peter Hansen and James J. Heckman Journal of - - PowerPoint PPT Presentation

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of calibration

of Calibration by Lars Peter Hansen and James J. Heckman Journal of - - PowerPoint PPT Presentation

Apr 29, 2023 563 likes •642 views

The Empirical Foundations of Calibration by Lars Peter Hansen and James J. Heckman Journal of Economic Perspectives, Vol. 10, No. 1 (Winter, 1996), pp. 87-104 James J. Heckman Econ 349, Spring 2019 Simulation as a Method for Understanding

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SLIDE 1

The Empirical Foundations

f Calibration

by Lars Peter Hansen and James J. Heckman Journal of Economic Perspectives,

Vol. 10, No. 1 (Winter, 1996), pp. 87-104

James J. Heckman

Econ 349, Spring 2019

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SLIDE 2

Hansen & Heckman Foundations of Calibration

Foundations of Calibration

Simulation as a Method for Understanding Models

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SLIDE 3

Hansen & Heckman Foundations of Calibration

Foundations of Calibration

Calibration versus Estimation

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SLIDE 4

Hansen & Heckman Foundations of Calibration

Foundations of Calibration

The Real Business Cycle Empirical Method In Practice

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SLIDE 5

Hansen & Heckman Foundations of Calibration

Foundations of Calibration

Specification Uncertainty Underlies the Estimates

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SLIDE 6

Hansen & Heckman Foundations of Calibration

Foundations of Calibration

Observationally Equivalent Models Offer Different Predictions about Policy Interventions