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REFERENCES 25 References [1] Backus, D., Kehoe, P. and Kydland, F. (1995), \International Business Cycles: Theory and Evidence", in T. Cooley (ed.), Frontiers of Business Cycle Analysis, Princeton, NJ: Princeton University Press. [2] Baxter, M. (1991) \Approximating Suboptimal Dynamic Equilibria: An Euler Equation Approach", Journal of Monetary Economics, 27, 173-200. [3] Baxter, M. and Crucini, M. (1993) \Explaining Saving-Investment Correlations", American Economic Review, 83, 416-436. [4] Canova, F. (1994) \ Statistical Inference in Calibrated Models", Journal of Applied Econometrics, 9, S123-S144. [5] Canova, F. (1995) \ Sensitivity Analysis and Model Evaluation in Simulated Dynamic General Equilibrium Economies", International Economic Review, 36, 477-501. [6] Canova, F. and De Nicolo, G. (1995), \ The Equity Premium and the Risk Free Rate: A Cross Country, Cross Maturity Examination", CEPR working paper 1119. [7] Canova, F., Finn, M. and Pagan, A. (1994), \Evaluating a Real Business Cycle Model", in C. Hargreaves (ed.), Nonstationary Time Series Analyses and Cointegration, Oxford, UK: Oxford University Press. [8] Cecchetti, S.G., Lam, P. and N. Mark (1993), \The Equity Premium and the Risk Free Rate: Matching Moments", Journal of Monetary Economics, 31, 21-45. [9] Christiano, L. and M. Eichenbaum (1992), \ Current Business Cycle Theories and Aggregate Labor Market Fluctuations", American Economic Review, 82, 430-450. [10] Cogley, T. and Nason, J.M. (1994), \Testing the Implications of Long-run Neutrality for Monetary Business Cycle Models", Journal of Applied Econometrics, 9, S37-S70. [11] Coleman, W. (1989) \An Algorithm to Solve Dynamic Models", Board of Governors of the Federal Reserve System, International Finance Division, Discussion Paper no. 351. [12] Danthine, J.P. and Donaldson, (1992), \Non-Walrasian Economies", Cahiers de Recherche Economique, Universite de Lausanne, No.9301. [13] DeJong, D., Ingram, B. and C. Whiteman, (1995), \A Bayesian Approach to Calibration", forthcoming, Journal of Business and Economic Statistics. [14] Diebold, F., Ohanian, L. and J. Berkowitz, (1995), \Dynamic Equilibrium Economies: A Framework for Comparing Models and Data", NBER Technical Working Paper No.174. [15] Du e, D. and Singleton, K. (1993), \Simulated Moments Estimation of Markov Models of Asset Prices", Econometrica, 61, 929-950.
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Page 1 and 2: Testing Calibrated General Equilibr
Page 3 and 4: 2 WHAT IS CALIBRATION? 2 much in th
Page 5 and 6: 2 WHAT IS CALIBRATION? 4 the model
Page 7 and 8: 2 WHAT IS CALIBRATION? 6 situation
Page 9 and 10: 3 EVALUATING CALIBRATED MODELS 8 ot
Page 11 and 12: 3 EVALUATING CALIBRATED MODELS 10 T
Page 13 and 14: 3 EVALUATING CALIBRATED MODELS 12 D
Page 15 and 16: 3 EVALUATING CALIBRATED MODELS 14 C
Page 17 and 18: 5 AN EXAMPLE 16 5 An example In the
Page 19 and 20: 5 AN EXAMPLE 18 pseudo social plann
Page 21 and 22: 5 AN EXAMPLE 20 spectral density ma
Page 23 and 24: 5 AN EXAMPLE 22 again, parameter va
Page 25: 6 CONCLUSIONS 24 reproduce the main
Page 29 and 30: REFERENCES 28 [48] Showen, J. and W
Page 31: TABLES 30 Table 2: Fit of the model

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