| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13775 |
| DP13775 Resolving New Keynesian Anomalies with Wealth in the Utility Function | |
| Pascal Michaillat; Emmanuel Saez | |
| 发表日期 | 2019-06-02 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | The New Keynesian model makes several anomalous predictions at the zero lower bound: collapse of output and inflation, and implausibly large effects of forward guidance and government spending. To resolve these anomalies, we introduce wealth into the utility function. The justification is that wealth is a marker of social status, and people value social status. Since people save not only for future consumption but also to accrue social status, the Euler equation is modified. As a result, when the marginal utility of wealth is sufficiently large, the dynamical system representing the equilibrium at the zero lower bound becomes a source instead of a saddle—which resolves all the anomalies. |
| 主题 | Monetary Economics and Fluctuations |
| URL | https://cepr.org/publications/dp13775 |
| 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/542642 |
| 推荐引用方式 GB/T 7714 | Pascal Michaillat,Emmanuel Saez. DP13775 Resolving New Keynesian Anomalies with Wealth in the Utility Function. 2019. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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