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
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Czech description
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Classification
Type
J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database
CEP classification
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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