-agent macroeconomic models in the presence of sampling variability. The calibration procedure leads to the welfare analysis being … conducted with the wrong parameters. The ability of the calibrated model to correctly predict the long-run welfare changes … induced by a set of policy experiments is assessed. The results show that, for the policy reforms with sizable welfare effects …

-agent macroeconomic models in the presence of sampling variability. The calibration procedure leads to the welfare analysis being … conducted with the wrong parameters. The ability of the calibrated model to correctly predict the welfare changes induced by a … model always predict the right sign of the welfare effects. Quantitatively, the maximum errors made in evaluating a policy …

plausible parameters` conÂ…gurations, the welfare maximizing replacement rate does not decrease with the level of MH. The … households` consumption bundle, and the risk aversion have a fiÂ…rst order impact on the average welfare. The determination of …

' configurations, the welfare maximizing replacement rate does not decrease with the level of MH. The qualitative patterns and … bundle, and the intertemporal elasticity of substitution have a first order impact on the average welfare. The determination …

-agent macroeconomic models in the presence of sampling variability. The calibration procedure leads to the welfare analysis being … conducted with the wrong parameters. The ability of the calibrated model to correctly predict the welfare changes induced by a … model always predict the right sign of the welfare effects. Quantitatively, the maximum errors made in evaluating a policy …

macroeconomic policies and welfare analysis. It is also found that the other models display similar posterior odds, with the Bayes … correlation between consumption and income. This finding suggests that the magnitude of welfare effects computations is likely to …

macroeconomic policies and welfare analysis. It is also found that the other models display similar posterior odds, with the Bayes … correlation between consumption and income. This finding suggests that the magnitude of welfare effects computations is likely to …