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This paper employs the one-sector Real Business Cycle model as a testing ground for four different procedures to estimate Dynamic Stochastic General Equilibrium (DSGE) models. The procedures are: 1 ) Maximum Likelihood, with and without measurement errors and incorporating Bayesian priors, 2)...
Persistent link: https://www.econbiz.de/10005353365
clean energy futures under different assumptions. While many approaches exist to examine future sensitivity and uncertainty … in such models, most assume that uncertainty is resolved prior to the model run. Policy makers, however, must take action … before uncertainty is resolved. Robust optimization represents a method that explicitly considers future uncertainty within a …
Persistent link: https://www.econbiz.de/10014512698
This paper employs the one-sector Real Business Cycle model as a testing ground for four different procedures to estimate Dynamic Stochastic General Equilibrium (DSGE) models. The procedures are: 1) Maximum Likelihood (with and without measurement errors and incorporating priors), 2) Generalized...
Persistent link: https://www.econbiz.de/10010536448
This paper presents a new generalized maximum entropy (GME) approach to estimation of sample-selection models with small data sets, such as are found in many empirical agricultural economic analysis. For small samples, the GME approach produces more stable estimates and has smaller mean square...
Persistent link: https://www.econbiz.de/10010537426
This paper argues that Fisher's paradox can be explained away in terms of estimator choice. We analyse by means of Monte Carlo experiments the small sample properties of a large set of estimators (including virtually all available single-equation estimators), and compute the critical values...
Persistent link: https://www.econbiz.de/10009228508
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This paper proposes a straightforward, easy to implement approximate F-test which is useful for testing restrictions in multivariate regression models. We derive the asymptotics for our test statistic and investigate its finite sample properties through a series of Monte Carlo experiments. Both...
Persistent link: https://www.econbiz.de/10010843150
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