The notion of bounded rationality has received a considerable attention in the midst of debate over the usefulness of various macroeconomic models. In this paper we empirically seek to analyze the baseline New-Keynesian model with heterogeneous agents who may adopt various heuristics used to...

In this study, we analyze the macroeconomic dynamics under various shocks in two competing frameworks. Given the baseline New-Keynesian model, we compare the impulse response functions that stem from the hybrid version under rational expectations with the ones obtained in the forward-looking...

Accurate prediction of Bitcoin prices is a purported boon for risky investors, more so, if the forecasts are largely unconditional. This paper introduces a class of autoregressive fractionally integrated moving average model with asymmetric exponential generalized autoregressive score errors to...