What Do RBC Economists Mean by the Term Calibration

question 30

Multiple Choice

What do RBC economists mean by the term calibration?

• A)modifying the structure of an economic theory to strengthen its logic
• B)changing a theory as the economy changes
• C)working out a detailed numerical example of a more general theory
• D)writing out the implication of a theory for all the main economic variables

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Definitions:

Research Designs

The overall strategy or framework for planning, conducting, and analyzing a study to answer specific research questions or test hypotheses.

Qualitative Studies

Research methods focusing on understanding concepts, thoughts, or experiences through analysis of non-numerical data.

Research Settings

The specific locations or environments in which scientific studies are conducted, including laboratories, field sites, and virtual spaces.

Pretest-Posttest

A research design where measurements are taken both before and after a treatment or intervention to assess its effects.