| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP11026
|
| DP11026 Behavioral Macroeconomics Via Sparse Dynamic Programming |
| Xavier Gabaix
|
| 发表日期 | 2015-12-27
|
| 出版年 | 2015
|
| 语种 | 英语
|
| 摘要 | This paper proposes a tractable way to model boundedly rational dynamic programming. The agent uses an endogenously simplified, or "sparse," model of the world and the consequences of his actions and acts according to a behavioral Bellman equation. The framework yields a behavioral version of some of the canonical models in macroeconomics and finance. In the life-cycle model, the agent initially does not pay much attention to retirement and undersaves; late in life, he progressively saves more, generating realistic dynamics. In the consumption-savings model, the consumer decides to pay little or no attention to the interest rate and more attention to his income. Ricardian equivalence and the Lucas critique partially fail because the consumer may not pay full attention to taxes and policy changes. In a Mertonstyle dynamic portfolio choice problem, the agent endogenously pays limited or no attention to the varying equity premium and hedging demand terms. Finally, in the neoclassical growth model, agents act on a simplified model of the macroeconomy; in equilibrium, fluctuations are larger and more persistent. |
| 主题 | Financial Economics
; Monetary Economics and Fluctuations
; Macroeconomics and Growth
; Public Economics
|
| 关键词 | Bounded rationality
Inattention
Simplification
|
| URL | https://cepr.org/publications/dp11026
|
| 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/539855
|
推荐引用方式
GB/T 7714 |
Xavier Gabaix. DP11026 Behavioral Macroeconomics Via Sparse Dynamic Programming. 2015.
|
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