| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24971 |
| 来源ID | Working Paper 24971 |
| Resolving New Keynesian Anomalies with Wealth in the Utility Function | |
| Pascal Michaillat; Emmanuel Saez | |
| 发表日期 | 2018-09-03 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | At the zero lower bound, the New Keynesian model predicts that output and inflation collapse to implausibly low levels, and that government spending and forward guidance have implausibly large effects. 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 status. Since people partly save 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 zero-lower-bound equilibrium transforms from a saddle to a source—which resolves all the anomalies. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w24971 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582645 |
| 推荐引用方式 GB/T 7714 | Pascal Michaillat,Emmanuel Saez. Resolving New Keynesian Anomalies with Wealth in the Utility Function. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24971.pdf（1154KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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