A minimal self-reflexive confidence mechanism in a multi-household DSGE model generates multiple realistic output regimes including crises whose probability depends exponentially on parameters.
Is something really wrong with macroeconomics? Oxford Review of Economic Policy, 34(1-2):132–155
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Confidence Collapse in a Multi-Household, Self-Reflexive DSGE Model
A minimal self-reflexive confidence mechanism in a multi-household DSGE model generates multiple realistic output regimes including crises whose probability depends exponentially on parameters.