Fiscal multipliers, expectations and learning in a macroeconomic agent‐based model.
This paper evaluates the government expenditure multiplier and the influence of agents' expectations and consumption choices thereupon in a pre‐existing estimated macroeconomic agent‐based model. If the simple consumption heuristic of the baseline model is replaced by inter‐temporal optimization sub...
| Publicado en: | Economic Inquiry Vol. 60; no. 4; pp. 1704 - 1730 |
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| Formato: | Artículo |
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Wiley-Blackwell
Oct2022
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=158916305&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 158916305 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00952583 EIQ jtl: Economic Inquiry issn: 00952583 maglogo: Y pubinfo: dt: Oct2022 vid: 60 iid: 4 pid: 480 pub: Wiley-Blackwell artinfo: ui: 158916305 10.1111/ecin.13084 ppf: 1704 ppct: 26 formats: fmt: – @attributes: type: T – @attributes: type: C – @attributes: type: P size: 958KB tig: atl: Fiscal multipliers, expectations and learning in a macroeconomic agent‐based model. aug: su: Consumption (Economics) Public spending Income Budget Macroeconomic models sug: subj: Consumption (Economics) Public spending Income Budget Public Finance Activities Macroeconomic models keyword: agent‐based models expectations fiscal policy learning agent‐based models expectations fiscal policy learning ab: This paper evaluates the government expenditure multiplier and the influence of agents' expectations and consumption choices thereupon in a pre‐existing estimated macroeconomic agent‐based model. If the simple consumption heuristic of the baseline model is replaced by inter‐temporal optimization subject to a budget constraint based on agents' estimations of future income, the multiplier becomes significantly smaller. When agents' beliefs about the effects of expenditure shocks are explicitly introduced, they can strongly increase or decrease the multiplier. If agents are allowed learn about the effects of government expenditure on their income from repeated shocks, they are able to correctly predict these effects. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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