@article{bejenaru2025examining,
  title = {Examining Behavioral Deviations in Economic Forecasts: A Study of the Eurozone and CEEC},
  author = {Cristina – Elena BEJENARU},
  year = 2025,
  url = {https://ibimapublishing.com/articles/JFSR/2025/853501/},
  journal = {Journal of Financial Studies and Research},
  volume = 2025,
  pages = 21,
  doi = 10.5171/2025.853501,
  abstract = {Drawing on behavioral insights and heuristics, this study demonstrates the ways in which more realistic decision-making diverges from the classic homo economicus model. Employing the New-Keynesian behavioral model proposed by De Grauwe (2012, 2019) and parameters from Jang and Sacht (2016), the analysis reveals a superior fit for observed fluctuations in output and inflation across the Eurozone and Central and Eastern European economies compared to models assuming strictly rational expectations. The findings also indicate non-normal distributions in the output gap and notable serial correlation in both inflation and output, underscoring the pivotal influence of market sentiment - captured by an animal spirit index - on macroeconomic volatility.},
  keywords = {Macroeconomics, Keynesian economics, Simulated models, Business Fluctuations, Macro-Based Behavioral Economics},
  note = Article ID: 853501
}