The Empirical Content of Models with Multiple Equilibria
We consider a generic environment with (potentially) multiple equilibria and analyze conditions for identification of the structural parameters. We then study conditions that allow for the estimation of both the structural parameters and the â€œselected equilibriumâ€ . We focus on a â€œeasy to computeâ€ consistent 2-step estimator and use Monte Carlo methods on a model with social interactions to describe its finite sample properties
|Date of creation:||03 Dec 2006|
|Contact details of provider:|| Postal: Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA|
Web page: http://www.EconomicDynamics.org/
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- John Dagsvik & Boyan Jovanovic, 1991.
"Was the Great Depression a Low-Level Equilibrium?,"
NBER Working Papers
3726, National Bureau of Economic Research, Inc.
- Jovanovic, Boyan, 1988.
"Observable Implications Of Models With Multiple Equilibria,"
88-20, C.V. Starr Center for Applied Economics, New York University.
- Jovanovic, Boyan, 1989. "Observable Implications of Models with Multiple Equilibria," Econometrica, Econometric Society, vol. 57(6), pages 1431-1437, November.
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