Micro Data and General Equilibrium Models
Research output: Chapter in Book/Report/Conference proceeding › Report chapter › Research
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Micro Data and General Equilibrium Models. / Browning, Martin; Hansen, Lars Peter; Heckman, James J.
Handbook of Macroeconomics. ed. / John B. Taylor; Michael Woodford. Vol. 1A Boston : Elsevier, 1999. p. 543-633.Research output: Chapter in Book/Report/Conference proceeding › Report chapter › Research
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TY - GEN
T1 - Micro Data and General Equilibrium Models
AU - Browning, Martin
AU - Hansen, Lars Peter
AU - Heckman, James J.
N1 - JEL Classification: D1, C10, D58
PY - 1999
Y1 - 1999
N2 - Dynamic general equilibrium models are required to evaluate policies applied at the national level. To use these models to make quantitative forecasts requires knowledge of an extensive array of parameter values for the economy at large. This essay describes the parameters required for different economic models, assesses the discordance between the macromodels used in policy evaluation and the microeconomic models used to generate the empirical evidence. For concreteness, we focus on two general equilibrium models: the stochastic growth model extended to include some forms of heterogeneity and the overlapping generations model enriched to accommodate human capital formation
AB - Dynamic general equilibrium models are required to evaluate policies applied at the national level. To use these models to make quantitative forecasts requires knowledge of an extensive array of parameter values for the economy at large. This essay describes the parameters required for different economic models, assesses the discordance between the macromodels used in policy evaluation and the microeconomic models used to generate the empirical evidence. For concreteness, we focus on two general equilibrium models: the stochastic growth model extended to include some forms of heterogeneity and the overlapping generations model enriched to accommodate human capital formation
U2 - 10.1016/S1574-0048(99)01011-3
DO - 10.1016/S1574-0048(99)01011-3
M3 - Report chapter
SN - 0444501568
VL - 1A
SP - 543
EP - 633
BT - Handbook of Macroeconomics
A2 - Taylor, John B.
A2 - Woodford, Michael
PB - Elsevier
CY - Boston
ER -
ID: 153406