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http://eprints.org/relation/isVersionOf https://pure.iiasa.ac.at/id/document/108479 http://eprints.org/relation/isVolatileVersionOf https://pure.iiasa.ac.at/id/document/108479 http://eprints.org/relation/isIndexCodesVersionOf https://pure.iiasa.ac.at/id/document/108479 archive 2 disk0/00/02/02/08 2025-01-03 14:15:23 2025-01-03 14:15:23 2025-01-03 14:15:23 other show 2 Dawid H. Delli Gatti D. Fierro L.E. 9839 0000-0002-4378-1375 Poledna S. 2083 pub ASA EM agent-based macroeconomics, behavioral rules, pricing, forecasting In this paper we examine the role of the design of behavioral rules in agent-based macroeconomic modeling. Based on clear theoretical foundations, we develop a general representation of the behavioral rules governing price and quantity decisions of firms and show how rules used in four main families of agent-based macroeconomic models can be interpreted as special cases of these general rules. We embed the four variations of these rules into a calibrated agent-based macroeconomic framework and show that they all yield qualitatively very similar dynamics in business-as-usual times. However, the impact of demand, cost, and productivity shocks differ substantially depending on which of the four variants of the price and quantity rules are used. 2024 CESifo https://www.cesifo.org/en/publications/2024/working-paper/implications-behavioral-rules-agent-based-macroeconomics 3594 235 public Munich, Germany info:eu-repo/semantics/other