Behavioral models are considered in the paper as the link between the description of the institutional structure of the economic system and the formation of macro-aggregates, reflecting the results of its operations. The degree of homogeneity of the private sector’s economic environment and complementary goals of private entities and government regulation are noted as basic characteristics of behavioral models. The author examines the differences in the estimates of these characteristics as one of the most important factors underpinning the architecture of modern macroeconomic models and their practical implications.
From Sunspots to Black Holes: Singular Dynamics in Macroeconomic Models