| Author: | Hoover, K. |
| Title: | Facts and artifacts: calibration and the empirical assessment of real-business-cycle models |
| Journal: | Oxford Economic Papers
1995 : JAN, VOL. 47:1, p. 24-44 |
| Index terms: | MODELS ECONOMETRIC MODELS ESTIMATION |
| Language: | eng |
| Abstract: | Advocates of real-business-cycle models typically hold calibration methods to be superior to econometric estimation as means of quantifying the models for policy analysis. This paper finds a coherent foundation for calibration methods in Herbert Simon's Sciences of the Artificial and the methodology of idealization in the philosophy of science. Although coherent, these foundations are not fundamentally connected real-business models per se. |
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