The 'Puzzles' methodology: En route to Indirect Inference?

Le, Vo Phuong Mai ORCID: https://orcid.org/0000-0003-3374-9694, Minford, Anthony Patrick Leslie ORCID: https://orcid.org/0000-0003-2499-935X and Wickens, Michael ORCID: https://orcid.org/0000-0002-6862-0674 2010. The 'Puzzles' methodology: En route to Indirect Inference? Economic Modelling 27 (6) , pp. 1417-1428. 10.1016/j.econmod.2010.07.016

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Abstract

We review the methods used in many papers to evaluate DSGE models by comparing their simulated moments with data moments. We compare these with the method of Indirect Inference to which they are closely related. We illustrate the comparison with contrasting assessments of a two-country model in two recent papers. We conclude that Indirect Inference is the proper end point of the puzzles methodology.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Advanced Research Computing @ Cardiff (ARCCA) Business (Including Economics)
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HB Economic Theory H Social Sciences > HG Finance
Uncontrolled Keywords:	Bootstrap; US–EU model; DSGE; VAR; Indirect Inference; Wald statistic; Anomaly; Puzzle.
Publisher:	Elsevier
ISSN:	0264-9993
Last Modified:	05 Nov 2022 15:24
URI:	https://orca.cardiff.ac.uk/id/eprint/23086

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