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Facts and Artifacts: Calibration and the Empirical Assessment of Real-Business-Cycle Models

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Hoover, Kevin D

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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-cycle models per se. Furthermore, adequate comparative standards have not yet been developed for calibrated models. Copyright 1995 by Royal Economic Society.

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Publisher Info
Article provided by Oxford University Press in its journal Oxford Economic Papers.

Volume (Year): 47 (1995)
Issue (Month): 1 (January)
Pages: 24-44
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Handle: RePEc:oup:oxecpp:v:47:y:1995:i:1:p:24-44

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  1. Giorgio Fagiolo & Paul Windrum & Alessio Moneta, 2006. "Empirical Validation of Agent Based Models: A Critical Survey," LEM Papers Series 2006/14, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy. [Downloadable!]
  2. Prof John Foster, 2007. "A micro-meso-macro perspective on the methodology of evolutionary economics: integrating history, simulation and econometrics," Discussion Papers Series 343, School of Economics, University of Queensland, Australia. [Downloadable!]
  3. Marcel Boumans, Mary S. Morgan, 2001. "Ceteris paribus conditions: materiality and the application of economic theories," Journal of Economic Methodology, Taylor and Francis Journals, vol. 8(1), pages 11-26, March. [Downloadable!] (restricted)
  4. Bennett T. McCallum, 2002. "Recent developments in monetary policy analysis: the roles of theory and evidence," Economic Quarterly, Federal Reserve Bank of Richmond, issue Win, pages 67-96. [Downloadable!]
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  5. Shamik Dhar & Stephen P Millard, . "A limited participation model of the monetary transmission mechanism in the United Kingdom," Bank of England working papers 117, Bank of England. [Downloadable!]
  6. Ossama Mikhail, 2004. "No More Rocking Horses: Trading Business-Cycle Depth for Duration Using an Economy-Specific Characteristic," Macroeconomics 0402026, EconWPA. [Downloadable!]
  7. Celsa Machado, 2001. "Measuring Business Cycles: The Real Business Cycle Approach and Related Controversies," FEP Working Papers 107, Universidade do Porto, Faculdade de Economia do Porto. [Downloadable!]
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