| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7691 |
| DP7691 Business Cycle Dynamics under Rational Inattention | |
| Bartosz Mackowiak; Mirko Wiederholt | |
| 发表日期 | 2010-02-14 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | This paper develops a dynamic stochastic general equilibrium model with rational inattention. Households and decision-makers in firms have limited attention and decide how to allocate their attention. The paper studies the implications of rational inattention for business cycle dynamics. Impulse responses in the model have several properties of empirical impulse responses. Prices respond slowly to monetary policy shocks, faster to aggregate TFP shocks, and very quickly to disaggregate shocks. Therefore, profit losses due to deviations of the actual price from the profit-maximizing price are an order of magnitude smaller than in the Calvo model that generates the same real effects. Consumption responds slowly to aggregate shocks. For standard parameter values, deviations from the consumption Euler equation are cheap in utility terms, implying that households devote little attention to the consumption-saving decision and react slowly to changes in the real interest rate. |
| 主题 | International Macroeconomics |
| 关键词 | Business cycles Dynamic stochastic general equilibrium Information choice monetary policy Rational inattention |
| URL | https://cepr.org/publications/dp7691 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/536528 |
| 推荐引用方式 GB/T 7714 | Bartosz Mackowiak,Mirko Wiederholt. DP7691 Business Cycle Dynamics under Rational Inattention. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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