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The Empirical Content of Models with Multiple Equilibria

  • Alberto Bisin
  • Andrea Moro
  • Giorgio Topa


    (Microeconomic and Regional Studies Federal Reserve Bank of New York)

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 “selected equilibrium†. We focus on a “easy to compute†consistent 2-step estimator and use Monte Carlo methods on a model with social interactions to describe its finite sample properties

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Paper provided by Society for Economic Dynamics in its series 2006 Meeting Papers with number 660.

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Date of creation: 03 Dec 2006
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Handle: RePEc:red:sed006:660
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Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA

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  1. Dagsvik, John & Jovanovic, Boyan, 1994. "Was the Great Depression a low-level equilibrium?," European Economic Review, Elsevier, vol. 38(9), pages 1711-1729, December.
  2. Jovanovic, Boyan, 1988. "Observable Implications Of Models With Multiple Equilibria," Working Papers 88-20, C.V. Starr Center for Applied Economics, New York University.
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