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A Comparison Between Calibration And Bayesian Approach On A Real Business Cycle Model

Author

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  • Petre Caraiani

    (Institute of Economic Prognosis, Academy of Romania)

Abstract

In this paper I compare the calibration technique with the Bayesian approach in the context of econometric methods of estimating structural models. I use the real business cycles model to apply both techniques. The model is calibrated and estimated for Romanian economy using quarterly data. I compare then the results of the estimation in terms of second order moments.

Suggested Citation

  • Petre Caraiani, 2007. "A Comparison Between Calibration And Bayesian Approach On A Real Business Cycle Model," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania - AGER, vol. 11(11(516)(s), pages 307-314, November.
    • Handle: RePEc:agr:journl:v:11(516)(supplement)(vol2):y:2007:i:11(516)(supplement)(vol2):p:307-314
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