A COMPARISON BETWEEN CALIBRATION AND BAYESIAN APPROACH ON A REAL BUSINESS CYCLE MODEL

Petre Caraiani
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Petre Caraiani: Institute of Economic Prognosis, Academy of Romania

Theoretical and Applied Economics, 2007, vol. 11(516)(supplement)(vol2), issue 11(516)(supplement)(vol2), 307-314

Abstract: In this paper I compare the calibration technique with the Bayesian approach in the context of econometric methods of estimating structural models. I use the real business cycles model to apply both techniques. The model is calibrated and estimated for Romanian economy using quarterly data. I compare then the results of the estimation in terms of second order moments.

Keywords: estimation methods; Bayesian methods; business cycles. (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:agr:journl:v:11(516)(supplement)(vol2):y:2007:i:11(516)(supplement)(vol2):p:307-314

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