Conventional Calibration Versus EDF Calibration
AbstractIn this paper we analyze the impact of using alternative parameter calibration methodologies for general equilibrium models in the context of a particular application. When studying implications of different parameterizations on long-run equilibria for Chile, we find that the impact of free trade agreements on macroeconomic variables of interest is contingent on the choice of methodological approach. Nevertheless, steady state welfare gains due to the treaties are robust to different parameterizations.
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Bibliographic InfoPaper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 589.
Date of creation: Jul 2010
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-04-23 (All new papers)
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