This paper analyses the effects of different model specifications.

In an overlapping generations model, momentary equilibria are defined as points that lieon the intergenerational offer curve, i.e., they satisfy agents’ optimality conditions and marketclearing at any date. However, some dynamic sequences commencing from such points may notbe considered valid...

This paper proposes validation using simulation based indirect estimation. It uses typical characteristic moments of financial market data to assess the similarity of simulation outcomes.