I watched some recorded conferences on DSGEs and it seems one of DSGEs’ main purposes (maybe the dominant one) is quantification, i.e., quantifying a theoretical mechanism using the DSGE framework. For example, pick a theory on corruption and quantify its implications in a DSGE model.
It seems though there isn’t a formal definition for ‘quantification’. Normally it is meant to imply ‘putting some numbers’ as I have read and heard in some presentations. ‘Putting some numbers’ basically means properly calibrating the model, yeah?
Assuming my model is properly calibrated, can I say the model is properly quantified, conditioned on the mechanism in the model being true? As a non-theorist, your emphasis should be on justifying your calibration and not justifying the theory you are trying to incorporate into the DSGE model, right? Thanks!