期刊
JOURNAL OF MACROECONOMICS
卷 59, 期 -, 页码 59-77出版社
ELSEVIER SCIENCE BV
DOI: 10.1016/j.jmacro.2018.11.002
关键词
Behavioural macroeconomics; Heterogeneous expectations; Bounded rationality
类别
资金
- ESRC [ES/K005154/1] Funding Source: UKRI
This paper provides a bird's eye view of the behavioural New Keynesian literature. We discuss three key empirical regularities in macroeconomic data which are not accounted for by the standard New Keynesian model, namely, excess kurtosis, stochastic volatility, and departures from rational expectations. We then present a simple behavioural New Keynesian model that accounts for these empirical regularities in a straightforward manner. We discuss elaborations and extensions of the basic model, and suggest areas for future research.
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