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Estimation of heuristic switching in behavioral macroeconomic models

The result's identifiers

  • Result code in IS VaVaI

    <a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F67985556%3A_____%2F23%3A00566494" target="_blank" >RIV/67985556:_____/23:00566494 - isvavai.cz</a>

  • Alternative codes found

    RIV/00216208:11230/23:10459109

  • Result on the web

    <a href="https://www.sciencedirect.com/science/article/pii/S0165188922002883?via%3Dihub" target="_blank" >https://www.sciencedirect.com/science/article/pii/S0165188922002883?via%3Dihub</a>

  • DOI - Digital Object Identifier

    <a href="http://dx.doi.org/10.1016/j.jedc.2022.104585" target="_blank" >10.1016/j.jedc.2022.104585</a>

Alternative languages

  • Result language

    angličtina

  • Original language name

    Estimation of heuristic switching in behavioral macroeconomic models

  • Original language description

    This paper addresses the issue of empirical validation of macroeconomic models with behavioral heuristics and a nonlinear switching mechanism. Heuristic switching is an important feature of modeling strategy since it uses simple decision rules of boundedly rational heterogeneous agents. The simulation study shows that the proposed simulated maximum likelihood method well identifies behavioral effects that remain hidden under standard econometric approaches. In the empirical application, we estimate the structural and behavioral parameters of the US economy. We are specifically able to reliably identify the intensity of choice that governs the models’ nonlinear dynamics. Our empirical results thus lay the foundation for studying monetary and fiscal policy in a behavioral macroeconomic framework.

  • Czech name

  • Czech description

Classification

  • Type

    J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database

  • CEP classification

  • OECD FORD branch

    50202 - Applied Economics, Econometrics

Result continuities

  • Project

    <a href="/en/project/GA20-14817S" target="_blank" >GA20-14817S: Linking financial and economic agent-based models: An econometric approach</a><br>

  • Continuities

    I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Others

  • Publication year

    2023

  • Confidentiality

    S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Data specific for result type

  • Name of the periodical

    Journal of Economic Dynamics & Control

  • ISSN

    0165-1889

  • e-ISSN

    1879-1743

  • Volume of the periodical

    146

  • Issue of the periodical within the volume

    January

  • Country of publishing house

    NL - THE KINGDOM OF THE NETHERLANDS

  • Number of pages

    18

  • Pages from-to

    104585

  • UT code for WoS article

    000915237900001

  • EID of the result in the Scopus database

    2-s2.0-85144450704