Sensitivity to Calibrated Parameters

Thomas Jørgensen

The Review of Economics and Statistics, 2023, vol. 105, issue 2, 474-481

Abstract: A common approach to estimation of dynamic economic models is to calibrate a subset of model parameters and keep them fixed when estimating the remaining parameters. Calibrated parameters likely affect conclusions based on the model, but estimation time often makes a systematic investigation of the sensitivity to calibrated parameters infeasible. I propose a simple and computationally low-cost measure of the sensitivity of parameters and other objects of interest to the calibrated parameters. In the main empirical application, I revisit the analysis of life-cycle savings motives in Gourinchas and Parker (

Date: 2023
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Working Paper: Sensitivity to Calibrated Parameters (2021)
Working Paper: Sensitivity to Calibrated Parameters (2021)
Working Paper: Sensitivity to Calibrated Parameters (2020)
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