Discussion Paper

No. 2019-51 | October 21, 2019
A note on observational equivalence of micro assumptions on macro level

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.

Data Set

JEL Classification:

B41, C63, D83

Assessment

  • Downloads: 104

Links

Cite As

Alexey A. Ponomarenko (2019). A note on observational equivalence of micro assumptions on macro level. Economics Discussion Papers, No 2019-51, Kiel Institute for the World Economy. http://www.economics-ejournal.org/economics/discussionpapers/2019-51


Comments and Questions


Anonymous - Referee report 1
October 28, 2019 - 08:52

see attached file


Alexey Ponomarenko - Response to Referee 1
November 03, 2019 - 14:24

Please see the file attached