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Moment estimation in Auerbach-Kotlikoff models: How well do they match the data?

Alexander Ludwig

No 5093, MEA discussion paper series from Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy

Abstract: Despite their widespread use for the analysis of economic questions, a formal and systematic calibration methodology has not yet been developed for Auerbach-Kotlikoff (Auerbach and Kotlikoff 1987) overlapping generations (AK-OLG) models. Calibration as estimation in macroeconomics involves choosing free parameters by matching moments of simulated models with those of the data. This paper maps this approach into the framework of AK-OLG models. The paper further evaluates the back-fitting properties of three different versions of a prototype AK-OLG model along a number of dimensions of mostly US data for the time period 1960-2003.

JEL-codes: C32 D58 E13 (search for similar items in EconPapers)
Date: 2005-08-30
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Citations: View citations in EconPapers (11)

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