EconPapers    
Economics at your fingertips  
 

A note on observational equivalence of micro assumptions on macro level

Alexey Ponomarenko

Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), 2020, vol. 14, No 2020-3, 15 pages

Abstract: The author set 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: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
http://dx.doi.org/10.5018/economics-ejournal.ja.2020-3
https://www.econstor.eu/bitstream/10419/213847/1/168978282X.pdf (application/pdf)

Related works:
Working Paper: A note on observational equivalence of micro assumptions on macro level (2019) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:zbw:ifweej:20203

Access Statistics for this article

Economics - The Open-Access, Open-Assessment E-Journal (2007-2020) is currently edited by Dennis J. Snower

More articles in Economics - The Open-Access, Open-Assessment E-Journal (2007-2020) from Kiel Institute for the World Economy (IfW Kiel) Contact information at EDIRC.
Bibliographic data for series maintained by ZBW - Leibniz Information Centre for Economics ().

 
Page updated 2022-12-08
Handle: RePEc:zbw:ifweej:20203