This model couples a two-asset heterogeneous-agent New Keynesian macroeconomy with a household layer that can be driven in two ways. One is a conventional calibration. The other is a set of large-language-model persona agents built from real survey households in Korea (NaSTaB), the United States (PSID) and Italy (SHIW). Each persona is given its balance sheet, income and prices, and reports consumption, saving and labour supply. A feasibility layer enforces the budget constraint. A conditional-mean surrogate then turns these decisions into a propensity surface. That surface reaches the macroeconomic block through a single channel, the intertemporal marginal propensity to consume matrix. Because of this, a calibrated “twin” can be aligned with the generative layer exactly, and the two can be compared policy by policy.

Both layers are then scored against the held-out consumption of the same households. The model’s role is to serve as a benchmark: it tests whether generative agents add information beyond the balance sheet, and whether that information matches real behaviour.

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