Calibrating a simple time varying model
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Hello friends,
I am a master student in economics and I want to calibrate this simple general equation model.
An equation:
I(t)=w*L(t) + [A(t)*H(t)-T(t)-E(t)]
where, t is the time period=[year 1950-2010] I = GDP in dollars w= salary of low skilled employees in dollars L: number of Low skilled employees A: productivity in interval=[0,1] H: salary of high skilled employees T: transportation cost in dollars E: education cost in dollars
Thank you very much in advance.
Regards, Sumit
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