A note on observational equivalence of micro assumptions on macro level
Open Access
- 5 February 2020
- journal article
- research article
- Published by Walter de Gruyter GmbH in Economics: The Open-Access, Open-Assessment E-Journal
Abstract
The author set up a simplistic agent-based model where agents learn with reinforcement observing an incomplete set of variables. The model is employed to generate an artificial dataset that is used to estimate standard macro econometric models. The author shows that the results are qualitatively indistinguishable (in terms of the signs and significances of the coefficients and impulse-responses) from the results obtained with a dataset that emerges in a genuinely rational system.Keywords
This publication has 16 references indexed in Scilit:
- Toward a new microfounded macroeconomics in the wake of the crisisIndustrial and Corporate Change, 2018
- An interdisciplinary model for macroeconomicsOxford Review of Economic Policy, 2018
- Rational Heuristics? Expectations and Behaviors in Evolving Economies with Heterogeneous Interacting AgentsSSRN Electronic Journal, 2017
- Comparing different data descriptors in Indirect Inference tests on DSGE modelsEconomics Letters, 2016
- A NOTE ON THE RATIONALITY TESTMacroeconomic Dynamics, 2016
- Heuristic Decision MakingAnnual Review of Psychology, 2011
- Are inflation expectations rational?Journal of Monetary Economics, 2008
- Inflation dynamics: A structural econometric analysisJournal of Monetary Economics, 1999
- Allocative Efficiency of Markets with Zero-Intelligence Traders: Market as a Partial Substitute for Individual RationalityJournal of Political Economy, 1993
- Expectations and the neutrality of moneyJournal of Economic Theory, 1972