information data revision. All models are tested with the Indirect Inference method, and our test result based on real-time data …

Maximum Likelihood (ML) shows both lower power and higher bias in small sample Monte Carlo experiments than Indirect … Inference (II) and IIís higher power comes from its use of the model-restricted distribution of the auxiliary model coeffi …

informal test of the model. We call this procedure informal Indirect Inference, III. By contrast what we call Formal Indirect … follows that models estimated by III will typically also be rejected by formal indirect inference tests. … Inference, FII, chooses a set of moments as the auxiliary model and computes the Wald statistic for the joint distribution of …

We set out Modern Monetary Theory (MMT) as a full DSGE model, and test it by indirect inference on post Financial …

information data revision. All models are tested with the Indirect Inference method, and our test result based on real-time data …