Calibration of Models in Experiments

It appears that calibration did not work for these kinds of models, and it did not provide reliable evidence for the facts of the business cycle.

Abstract

The assessment of models in an experiment depends on their material nature and their function in the experiment. Models that are used to make the phenomenon under investigation visible - sensors - are assessed by calibration. However, calibration strategies assume material intervention. The experiment discussed in this paper is an experiment in economics to measure the influence of technology shocks on business cycles. It uses immaterial, mathematical instruments. It appears that calibration did not work for these kinds of models, it did not provide reliable evidence for the facts of the business cycle.