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Journal Article

Dynamic Equilibrium Economies: A Framework for Comparing Models and Data

Francis X. Diebold, Lee E. Ohanian and Jeremy Berkowitz
The Review of Economic Studies
Vol. 65, No. 3 (Jul., 1998), pp. 433-451
Published by: Oxford University Press
Stable URL: http://www.jstor.org/stable/2566933
Page Count: 19
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Dynamic Equilibrium Economies: A Framework for Comparing Models and Data
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Abstract

We propose a constructive, multivariate framework for assessing agreement between (generally misspecified) dynamic equilibrium models and data, which enables a complete secondorder comparison of the dynamic properties of models and data. We use bootstrap algorithms to evaluate the significance of deviations between models and data, and we use goodness-of-fit criteria to produce estimators that optimize economically-relevant loss functions. We provide a detailed illustrative application to modelling the U.S. cattle cycle.

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