# Likelihood only!

**URL:** https://forum.dynare.org/t/likelihood-only/3850
**Category:** ML/Bayesian estimation
**Created:** [15 April 2014 15:56 UTC](https://forum.dynare.org/t/likelihood-only/3850 "2014-04-15T15:56:42Z")
**Posts on this page:** 1
**Showing post:** 51

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### Author: ![jpfeifer](https://forum.dynare.org/user_avatar/forum.dynare.org/jpfeifer/32/5044_2.png) [@jpfeifer](https://forum.dynare.org/u/jpfeifer)
#### Post date: [19 October 2014 09:10 UTC](https://forum.dynare.org/t/likelihood-only/3850/51 "2014-10-19T09:10:43Z")

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Calibration only once updates the other parameters depending on the estimated one. That’s why you should use model-local variables (the ones with the pound operator) or a steady state file. See Remark 4 (Parameter dependence and the use of model-local variables) in [Pfeifer(2013): “A Guide to Specifying Observation Equations for the Estimation of DSGE Models”](https://drive.google.com/file/d/1r89OU5OE3CBa6tOlj6l3hNVWEaRH5Anv/view?usp=sharing).

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