Abstract We use a New Keynesian behavioral macroeconomic model to analyze how
structural reforms affect the economy. There are two types of structural reforms. The first one …

This study extends the hybrid version of the baseline New-Keynesian model with
heterogeneous agents who may adopt various forecast heuristics. With a focus on consumer …

We analyse the question of whether the use of forward-looking data in monetary policy is to
be preferred over the use of current data. We use a behavioural macroeconomic model that …

We analyze how trust affects the transmission of negative demand and supply shocks using
a behavioral macroeconomic model. We define trust to have two dimensions: trust in the …

This paper studies the efficacy of Price Level Targeting (PLT) under the Heuristic Switching
Model (HSM). PLT has been considered as an alternative to the traditional inflation targeting …

We show that in a world where agents have limited cognitive abilities and, as a result, are
prevented from having rational expectations the answer to this question is negative. We find …

This thesis studies empirical Behavioural New Keynesian (NK) DSGE models that
incorporate heterogeneous expectations and reinforcement learning (Brock and Hommes …

Price Level Targeting with Imperfect Rationality: A Heuristic Approach Vojtěch Molnár
Abstract The thesis compares price level targeting and inflation targeting regimes in a New …

This work takes one of the most prominent behavioral New-Keynesian models from the shelf
and estimates it via the simulated method of moments. The model exhibits a remarkably …

This chapter presents a general simulation-based framework for estimation of agent-based
models in economics and finance based on kernel methods. After discussing the …