A note on observational equivalence of micro assumptions on macro level

Alexey Ponomarenko

No 2019-51, Economics Discussion Papers from Kiel Institute for the World Economy (IfW Kiel)

Abstract: The author sets 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: microfoundations; bounded rationality; reinforcement learning; agent-based model (search for similar items in EconPapers)
JEL-codes: B41 C63 D83 (search for similar items in EconPapers)
Date: 2019
New Economics Papers: this item is included in nep-cmp, nep-hme and nep-ore
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http://www.economics-ejournal.org/economics/discussionpapers/2019-51
https://www.econstor.eu/bitstream/10419/206608/1/1681695529.pdf (application/pdf)

Related works:
Journal Article: A note on observational equivalence of micro assumptions on macro level (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:ifwedp:201951

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