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

Ludwig, Alexander

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URL:	http://ub-madoc.bib.uni-mannheim.de/1286
URN:	urn:nbn:de:bsz:180-madoc-12869
Document Type:	Working paper
Year of publication:	2005
The title of a journal, publication series:	None
Publication language:	English
Institution:	School of Law and Economics > Sonstige - Fakultät für Rechtswissenschaft und Volkswirtschaftslehre
MADOC publication series:	Veröffentlichungen des MEA (Mannheim Research Institute For the Economics of Aging) > MEA Discussion Papers
Subject:	330 Economics
Classification:	JEL: E13 D58 C32 ,
Subject headings (SWD):	General Equilibrium Environmental Model , Mehrgenerationenmodell , Kalibrieren <Messtechnik>
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.
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