{"id":443181,"date":"2026-03-10T14:12:39","date_gmt":"2026-03-10T13:12:39","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/443181\/"},"modified":"2026-04-01T17:38:08","modified_gmt":"2026-04-01T15:38:08","slug":"canvas-a-canadian-behavioral-agent-based-model-for-monetary-policy","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/443181\/","title":{"rendered":"CANVAS: A Canadian Behavioral Agent-based Model for Monetary Policy"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-443181","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"We develop the Canadian behavioral Agent-Based Model (CANVAS) that complements traditional macroeconomic models for forecasting and monetary policy analysis. CANVAS represents a next-generation modeling effort featuring enhancements in three dimensions: introducing household and firm heterogeneity, departing from rational expectations, and modeling price and quantity setting heuristics within a production network. The expanded modeling capacity is achieved by harnessing large-scale Canadian micro- and macroeconomic datasets and incorporating adaptive learning and simple heuristics. The out-of-sample forecasting performance of CANVAS is found to be competitive with a benchmark vector auto-regressive (VAR) model and a DSGE model. When applied to analyze the COVID-19 pandemic episode, our model helps explain both the macroeconomic movement and the interplay between expectation formation and cost-push shocks. CANVAS is one of the first macroeconomic agent-based models applied by a central bank to support projection and alternative scenarios, marking an advancement in the toolkit of central banks and enriching monetary policy analysis.","onlinedate":"2025-03-01 01:00:00","lang":"English","publication_series":"","publication_date":"20250301","publication_date_year":"","publication_date_full":false,"publication_num_pages":"40","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":null,"zip":null,"link":"https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0165188924001787","monthly_report":false,"monthly_report_main":false,"monthly_report_volume":"172","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"","journal":"Journal of Economic Dynamics and Control","publisher":"","invisible":false,"external":true,"embargo_date":null,"types":[83083],"research_groups":[3500],"collaboration":"","persons":[443242,443244,430221,443246,443248],"persons_data":"[{\"personId\":443242,\"personName\":\"Cars Hommes\",\"organisationNames\":[]},{\"personId\":443244,\"personName\":\"Mario He\",\"organisationNames\":[]},{\"personId\":430221,\"personName\":\"Sebastian Poledna\",\"organisationNames\":[]},{\"personId\":443246,\"personName\":\"Melissa Siqueira\",\"organisationNames\":[]},{\"personId\":443248,\"personName\":\"Yang Zhang\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":104986,"scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - 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