^{29}Our calibration of ρ = 1 follows JEDC. We ﬁnd, as previous work has found, that ρ and β are
not sharply identiﬁable using methods of the kind we employ here. Our approach therefore is to
set a value of one parameter (ρ) and estimate the other conditional on the assumed value of the
ﬁrst. (See section 4.4 for a sensitivity analysis with respect to several parameters including ρ.)