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The Use of Literature Based Elasticity Estimates in Calibrated Models of Trade-Wage Decompositions: A Calibmetric Approach / Hui Huang, John Whalley.
- Format:
- Book
- Author/Creator:
- Huang, Hui.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w10137.
- NBER working paper series no. w10137
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- The Use of Literature Based Elasticity Estimates in Calibrated Models of Trade-Wage Decompositions
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2003.
- Summary:
- How to best utilize the wide range of estimates of elasticities that characterize econometric literature when using calibrated models is the issue we address here through a blending of econometrics and calibration into calibmetrics. Econometrically generated literature based elasticity parameters are typically used in calibrated models a very simple manner, appealing to a single value. Here we explicitly incorporate the full range of values of elasticities yielded by econometric studies in both the calibration procedure employed and the uses made of a calibrated model. This is important because the ranges for such values can be large. This allows us to assess how uncertainty in exogenously specified parameter values affects the performance of calibrated models, and how much added information is obtained by using the full range of literature estimates of key parameters in calibration.
- Notes:
- Print version record
- December 2003.
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