A Behavioral New Keynesian Model
Publication type: Journal Article
Publication date: 2020-07-28
scimago Q1
wos Q1
SJR: 25.102
CiteScore: 17.8
Impact factor: 11.6
ISSN: 00028282, 19447981
Economics and Econometrics
Abstract
This paper analyzes how bounded rationality affects monetary and fiscal policy via an empirically relevant enrichment of the New Keynesian model. It models agents’ partial myopia toward distant atypical events using a new microfounded “cognitive discounting” parameter. Compared to the rational model, (i) there is no forward guidance puzzle; (ii) the Taylor principle changes: with passive monetary policy but enough myopia equilibria are determinate and economies stable; (iii) the zero lower bound is much less costly; (iv) price-level targeting is not optimal; (v) fiscal stimulus is effective; (vi) the model is “ neo-Fisherian” in the long run, Keynesian in the short run. (JEL E12, E31, E43, E52, E62, E70)
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Metrics
223
Total citations:
223
Citations from 2024:
109
(49.32%)
Cite this
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MLA
Cite this
RIS
Copy
TY - JOUR
DO - 10.1257/aer.20162005
UR - https://doi.org/10.1257/aer.20162005
TI - A Behavioral New Keynesian Model
T2 - American Economic Review
AU - Gabaix, Xavier
PY - 2020
DA - 2020/07/28
PB - American Economic Association
SP - 2271-2327
IS - 8
VL - 110
SN - 0002-8282
SN - 1944-7981
ER -
Cite this
BibTex (up to 50 authors)
Copy
@article{2020_Gabaix,
author = {Xavier Gabaix},
title = {A Behavioral New Keynesian Model},
journal = {American Economic Review},
year = {2020},
volume = {110},
publisher = {American Economic Association},
month = {jul},
url = {https://doi.org/10.1257/aer.20162005},
number = {8},
pages = {2271--2327},
doi = {10.1257/aer.20162005}
}
Cite this
MLA
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Gabaix, Xavier. “A Behavioral New Keynesian Model.” American Economic Review, vol. 110, no. 8, Jul. 2020, pp. 2271-2327. https://doi.org/10.1257/aer.20162005.