IDEAS home Printed from https://ideas.repec.org/a/bes/jnlbes/v14y1996i1p1-9.html
   My bibliography  Save this article

A Bayesian Approach to Calibration

Author

Listed:
  • DeJong, David N
  • Ingram, Beth Fisher
  • Whiteman, Charles H

Abstract

The authors develop a Bayesian approach to calibration which enables the incorporation of uncertainty regarding the parameters of the theoretical model under investigation. Their procedure involves the specification of prior distributions over parameter values, which in turn induce distributions over the statistical properties of artificial data simulated from the model. These distributions are compared with their empirical counterparts in order to assess the model's fit. The business cycle model of R. King, C. Plosser, and S. Rebelo (1988) is used to demonstrate the authors' procedure. They find that modest prior uncertainty regarding deep parameters enhances the plausibility of the model's description of the actual data.

Suggested Citation

  • DeJong, David N & Ingram, Beth Fisher & Whiteman, Charles H, 1996. "A Bayesian Approach to Calibration," Journal of Business & Economic Statistics, American Statistical Association, vol. 14(1), pages 1-9, January.
    • Handle: RePEc:bes:jnlbes:v:14:y:1996:i:1:p:1-9
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bes:jnlbes:v:14:y:1996:i:1:p:1-9. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Christopher F. Baum (email available below). General contact details of provider: http://www.amstat.org/publications/jbes/index.cfm?fuseaction=main .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.