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| Author: | Semmler, W. Gong, G. |
| Title: | Estimating parameters of real business cycle models |
| Journal: | Journal of Economic Behavior and Organization
1996 : SEP, VOL. 30:3, p. 301-326 |
| Index terms: | ECONOMIC BEHAVIOUR ORGANIZATION BUSINESS CYCLES |
| Language: | eng |
| 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. |
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