Question on calibrating the model

Dear Professor Pfeifer,

I mean to calibrate the model in LWZ(2013) (LAND-PRICE DYNAMICS AND
MACROECONOMIC FLUCTUATIONS) using the data of my country. As they do not include the housing production agent in the model, do I need to eliminate the housing investment part from GDP data when doing the calibration?

Thank you!

Did you eliminate that part from your model? Or did they do that? Usually, we keep housing as part of the capital stock without modeling it as a sector separate from other production.