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Oxf Rev Econ Policy 1997; 13:55-69
© 1997 Oxford University Press and Oxford Review of Economic Policy Ltd
Article |
Calibrated models
University of Rochester
Abstract
Calibrated models have become an important tool for economic research and policy analysis. This paper discusses and illustrates the methodology of calibration. It also describes the range of questions that have been addressed with calibrated models and considers the problem of evaluation of calibrated models.