Model ratios change with estimation

Dear all,

I calibrated a (medium sized) model to fit observed ratios of real data. If I now estimate some parameters this changes the ratios of the model (e.g. debt ratio, to which I calibrated).

How can I circumvent that problem? Set ratios as given in Dynare? Other than leaving some parameters out of estimation…

Thanks for your help

It seems you have a case of parameter dependence here. Please refer to Pfeifer(2013): “A Guide to Specifying Observation Equations for the Estimation of DSGE Models”