In this paper, we introduce the simulated maximum likelihood method for identifying behavioral heuristics of heterogeneous agents in the baseline three-equation New Keynesian model. The method is extended to multivariate macroeconomic optimization problems, and the estimation pro-cedure is...

Easy to compute exact maximum likelihood estimators (MLEs) for parameters of a stochastic bivariate Itô Susceptible-Infected-Recovered (SIR) model and for parameters of an extension that treats undercounting are presented here

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 cients (Le et al. 2016). We show here that IIís higher...