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Behavioral and experimental macroeconomics and policy analysis : a complex systems approach

Hommes, Cars H. - 2018

This survey discusses behavioral and experimental macroeconomics emphasizing a complex systems perspective. The economy consists of boundedly rational heterogeneous agents who do not fully understand their complex environment and use simple decision heuristics. Central to our survey is the...

Persistent link: https://www.econbiz.de/10011929804

Learning with unobserved regimes

Cone, Thomas E. - In: Journal of macroeconomics 73 (2022), pp. 1-19

Persistent link: https://www.econbiz.de/10013443877

Complex dynamics in a nonlinear duopoly model with heuristic expectation formation and learning behavior

Mignot, Sarah; Tramontana, Fabio; Westerhoff, Frank H. - 2023

We develop a nonlinear duopoly model in which the heuristic expectation formation and learning behavior of two boundedly rational firms may engender complex dynamics. Most importantly, we assume that the firms employ different forecasting models to predict the behavior of their opponent....

Persistent link: https://www.econbiz.de/10014305614

Monetary policy, endogeneous inattention and the volatility trade-off

Branch, William A.; Carlson, John B.; Evans, George W.; … - In: The economic journal : the journal of the Royal … 119 (2009), pp. 123-157

Persistent link: https://www.econbiz.de/10003805228

Monetary policy, endogenous inattention, and the volatility trade-off

Branch, William A.; Carlson, John B.; Evans, George W.; … - 2004 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10002550213

Monetary Policy, Endogenous Inattention, and the Volatility Trade-Off

Branch, William; Carlson, John B.; Evans, George W.; … - 2007

This paper addresses the output-price volatility puzzle by studying the interaction of optimal monetary policy and … on expected forecast errors and information costs. Endogenous inattention is a Nash equilibrium in the information … processing rate. Although a decline of policy activism directly increases output volatility, it indirectly anchors expectations …

Persistent link: https://www.econbiz.de/10014223070

An approximation of the distribution of learning estimates in macroeconomic models

Galimberti, Jaqueson K. - In: Journal of economic dynamics & control 102 (2019), pp. 29-43

Persistent link: https://www.econbiz.de/10012131059

The expected externality mechanism in a Level-k environment

Gorelkina, Olga - 2015

Mechanism design theory strongly relies on the concept of Nash equilibrium. However, studies of experimental games show … of the most influential benchmarks of mechanism design theory, the expected externality mechanism (DÁspremont, Gerard …

Persistent link: https://www.econbiz.de/10010471710

Expectations, uncertainty and institutions : an application to the analysis of social security reforms

Ferreiro Aparicio, Jesús; Serrano Pérez, Felipe - In: International review of applied economics 26 (2012) 2, pp. 253-266

Persistent link: https://www.econbiz.de/10009612195

The rationality Bias

Hagenhoff, Tim; Lustenhouwer, Joep - 2019

inflation volatility. …

Persistent link: https://www.econbiz.de/10012286210