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Autor:innen: 
Erscheinungsjahr: 
2024
Schriftenreihe/Nr.: 
Economics Working Paper No. 2024-02
Verlag: 
Kiel University, Department of Economics, Kiel
Zusammenfassung: 
Identifiability of the parameters is an important precondition for consistent estimation of models designed to describe empirical phenomena. Nevertheless, many estimation exercises proceed without a preliminary investigation into the identifiability of its models. As a consequence, the estimates could be essentially meaningless if convergence to the 'true' parameters is not guaranteed in the pertinent problem. We provide some evidence here that such a lack of identification is responsible for the inconclusive results reported in recent literature on parameter estimates for a certain class of nonlinear behavioral New Keynesian models. We also show that identifiability depends on the subtle details of the model structure. Hence, a careful investigation of identifiability should preceed any attempt at estimation of such models.
Schlagwörter: 
Behavioral macro
identification
forecast heuristics
JEL: 
C53
E12
E32
Dokumentart: 
Working Paper

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