行为新凯恩斯主义模型:实证评估

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2023-09-01 DOI:10.1016/j.jmacro.2023.103538

Greta Meggiorini

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引用次数: 0

摘要

本文揭示了这样一个事实，即通过提供在线性化模型中引入行为元素的数学上易于处理的方法，认知折扣模型(la Gabaix, 2020)高度可推广到替代模型和预期假设。这与其他有限理性模型的情况不同，因为大多数推导，如果不是今天提出的所有推导，在代数上过于繁琐，无法普遍适用。据我所知，这一发现被用于将认知折扣引入Smets和Wouters(2007)模型，从而建立和估计了第一个微观基础行为中等尺度DSGE模型。经验估计表明，即使在像Smets和Wouters模型那样存在许多摩擦的模型中，数据也倾向于相当程度的有限理性。

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Behavioral New Keynesian Models: An empirical assessment

This paper uncovers the fact that cognitive discounting modeled à la Gabaix (2020) is highly generalizable to alternative models and expectational assumptions by offering a mathematically tractable way of introducing behavioral elements in linearized models. This is not the case for other models of bounded rationality, as most derivations, if not all among those proposed up to today, are algebraically too cumbersome to be of general applicability.

This finding is used to introduce cognitive discounting into the Smets and Wouters (2007) model, hence building and estimating the first micro-founded behavioral medium scale DSGE model, to my knowledge. The empirical estimation shows that the data prefers a substantial degree of bounded rationality even in a model with as many frictions as the Smets and Wouters model.

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.