经济
货币政策
有限理性
新凯恩斯主义经济学
理性预期
贴现
膨胀(宇宙学)
福利
理性
利率
价格水平
微观经济学
货币经济学
计量经济学
财务
物理
法学
市场经济
理论物理学
政治学
作者
Jonathan Benchimol,Lahcen Bounader
标识
DOI:10.1016/j.jfs.2023.101151
摘要
We develop a behavioral New Keynesian model to analyze optimal monetary policy with heterogeneously myopic households and firms. Five key results are derived. First, our model reflects coherent microeconomic and aggregate myopia due to the consistent transition from subjective to objective expectations. Second, the optimal monetary policy entails implementing inflation targeting in a framework where myopia distorts agents' inflation expectations. Third, price level targeting emerges as the optimal policy under output gap, revenue, or interest rate myopia. Under price level targeting, rational inflation expectations are a minimal condition for optimality under bounded rationality. Fourth, bounded rationality is not necessarily welfare-decreasing and is even associated with welfare gains for extreme cognitive discounting. Finally, our empirical results point to the behavioral model's superiority over the rational model.
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