Behavioural new Keynesian models
Calvert Jump, Robert ORCID: 0000-0002-2967-512X and Levine, Paul (2018) Behavioural new Keynesian models. Journal of Macroeconomics, 59. pp. 59-77. ISSN 0164-0704 (doi:https://doi.org/10.1016/j.jmacro.2018.11.002)
Full text not available from this repository. (Request a copy)Abstract
This paper provides a bird’s eye view of the behavioural New Keynesian literature. We discuss three key empirical regularities in macroeconomic data which are not accounted for by the standard New Keynesian model, namely, excess kurtosis, stochastic volatility, and departures from rational expectations. We then present a simple behavioural New Keynesian model that accounts for these empirical regularities in a straightforward manner. We discuss elaborations and extensions of the basic model, and suggest areas for future research.
Item Type: | Article |
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Uncontrolled Keywords: | behavioural macroeconomics, heterogeneous expectations, bounded rationality |
Subjects: | H Social Sciences > HB Economic Theory |
Faculty / School / Research Centre / Research Group: | Faculty of Business Faculty of Business > Institute of Political Economy, Governance, Finance and Accountability (IPEGFA) |
Last Modified: | 21 Oct 2020 11:16 |
URI: | http://gala.gre.ac.uk/id/eprint/25265 |
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