| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16141 |
| DP16141 Short-term Planning, Monetary Policy, and Macroeconomic Persistence | |
| J David López-Salido; Christopher Gust; Edward Herbst | |
| 发表日期 | 2021-05-12 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | This paper estimates a behavioral New Keynesian (NK) model in which households and firms plan over a finite horizon. The finite-horizon (FH) model outperforms rational expectations versions of the NK model as well as other behavioral NK models. In the FH model, households and firms are forward-looking in thinking about events over their planning horizon but are backward looking regarding events beyond that point. This gives rise to substantial aggregate persistence without resorting to additional features such as habit persistence and price contracts indexed to lagged inflation. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Finite-horizon planning Learning monetary policy New keynesian model Bayesian estimation |
| URL | https://cepr.org/publications/dp16141 |
| 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/545115 |
| 推荐引用方式 GB/T 7714 | J David López-Salido,Christopher Gust,Edward Herbst. DP16141 Short-term Planning, Monetary Policy, and Macroeconomic Persistence. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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