-Agent macroeconomic models in the presence of sampling variability. The calibration procedure leads to the welfare analysis being … conducted with the wrong parameters. The ability of the calibrated model to correctly predict the long-run welfare changes … induced by a set of policy experiments is assessed. The results show that, for the policy reforms with sizable welfare effects …

-agent macroeconomic models in the presence of sampling variability. The calibration procedure leads to the welfare analysis being … conducted with the wrong parameters. The ability of the calibrated model to correctly predict the long-run welfare changes … induced by a set of policy experiments is assessed. The results show that, for the policy reforms with sizable welfare effects …

-agent macroeconomic models in the presence of sampling variability. The calibration procedure leads to the welfare analysis being … conducted with the wrong parameters. The ability of the calibrated model to correctly predict the welfare changes induced by a … model always predict the right sign of the welfare effects. Quantitatively, the maximum errors made in evaluating a policy …

sample sizes and number of treatments. The Monte Carlo approach was used in the simulation study. The results showed that …