Building a Structural Model: Parameterization and Structurality

M. Mouchart and Renzo Orsi

Working Papers from Dipartimento Scienze Economiche, Universita' di Bologna

Abstract: A specific concept of structural model is used as a background for discussing the structurality of its parameterization. Conditions for a structural model to be also causal are examined. Difficulties and pitfalls arising from the parameterization are analyzed. In particular, pitfalls when considering alternative parameterizations of a same model are shown to have lead to ungrounded conclusions in the literature. Discussion of observationally equivalent models related to different economic mechanisms are used to make clear the connection between an economicall meaningful parameterization and an economically meaningful decomposition of a complex model. The design of economic policy is used for drawing some practical implications of the proposed analysis.

JEL-codes: C10 C18 C50 C51 C54 (search for similar items in EconPapers)
Date: 2015-11
New Economics Papers: this item is included in nep-ecm
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Related works:
Journal Article: Building a Structural Model: Parameterization and Structurality (2016)
Working Paper: Building a Structural Model: Parameterization and Structurality (2016)
Working Paper: Building a structural model: parameterization and structurality (2015)
Working Paper: Building a structural model: parameterization and structurality (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:bol:bodewp:wp1039

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