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The use of literature based elasticity estimates in calibrated models of trade-wage decompositions : a calibmetric approach

Author: Hui Huang; John Whalley; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2003.
Series: Working paper series (National Bureau of Economic Research), no. 10137.
Edition/Format:   eBook : Document : EnglishView all editions and formats
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  Read more...
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Additional Physical Format: Print version:
Huang, Hui.
Use of literature based elasticity estimates in calibrated models of trade-wage decompositions.
Cambridge, Mass. : National Bureau of Economic Research, ©2003
(OCoLC)54008004
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Hui Huang; John Whalley; National Bureau of Economic Research.
OCLC Number: 54525060
Notes: "December 2003."
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (24 pages) : illustrations.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: Working paper series (National Bureau of Economic Research), no. 10137.
Responsibility: Hui Huang, John Whalley.

Abstract:

"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"--NBER website.

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