Calibration is generally associated with real business cycle modelers of the new classical school; however, while Lucas, Prescott, and Kydland are calibration advocates, Sargent favors estimation.
Calibration is generally associated with real business cycle modelers of the new classical school, but methodological differences cut across ideology. While Lucas, Prescott, and Kydland are calibration advocates, another prominent new classical, Sargent, favors estimation.