results are also important as: i) we introduce the concept of normalization for DSGE models and, ii) they may help interpret …

revealed, “normalization” of production functions and production-technology systems holds out the promise of resolving many of … normalization (defined by the fixing of baseline values for relevant variables). First, we recall how the normalized CES function … came into existence and what normalization implies for its formal properties. Then we deal with the key role of …

in terms of robustly capturing production and technical parameters, especially when merged with "normalization". Our … understanding the empirical relevance of normalization and the variability underlying past empirical studies. JEL Classification: C …