How Deep are the Deep Parameters?

Filippo Altissimo, Stefano Siviero and Daniele Terlizzese

Annals of Economics and Statistics, 2002, issue 67-68, 207-226

Abstract: Policy evaluation based on the estimation of dynamic stochastic general equilibrium models rests on the assumption that a representative agent can be identified, whose behavioural parameters are policy-independent. Building on earlier work by Geweke [1985], this paper shows that in the presence of agents' heterogenity the representative agent, if any, is not structural, as its estimated behavioural parameters are not policy-independent. The paper identifies two sources of non-structurality and provides an example illustrating its effects.

Date: 2002
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Citations: View citations in EconPapers (6)

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Related works:
Working Paper: How deep are the deep parameters? (1999)
Working Paper: How Deep Are the Deep Parameters? (1999)
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Persistent link: https://EconPapers.repec.org/RePEc:adr:anecst:y:2002:i:67-68:p:207-226

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