Modeling diverse expectations in an aggregated New Keynesian model

DOI10.1016/J.JEDC.2013.01.016zbMATH Open1327.91049OpenAlexW2062134094MaRDI QIDQ900374FDOQ900374

Authors: Mordecai Kurz, Giulia Piccillo, Howei Wu 

Publication date: 22 December 2015

Published in: Journal of Economic Dynamics and Control (Search for Journal in Brave)

Full work available at URL: https://doi.org/10.1016/j.jedc.2013.01.016

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zbMATH Keywords

Bayesian learningNew Keynesian modelrational beliefsupdating beliefsheterogenous beliefsmarket state of beliefmonetary policy rule

Mathematics Subject Classification ID

Macroeconomic theory (monetary models, models of taxation) (91B64)

Cites Work

• On the Asymptotic Behavior of Bayes' Estimates in the Discrete Case
• Intrinsic heterogeneity in expectation formation
• The Solution of Linear Difference Models under Rational Expectations
• On the structure and diversity of rational beliefs
• Endogenous economic fluctuations. Studies in the theory of rational beliefs
• A New Keynesian model with heterogeneous expectations
• Expectations and the Stability Problem for Optimal Monetary Policies
• Monetary policy and heterogeneous expectations
• Business cycle amplification with heterogeneous expectations
• Animal spirits and monetary policy
• Endogenous uncertainty and market volatility
• Money non-neutrality in a rational belief equilibrium with financial assets
• Estimation and Control of a Macroeconomic Model with Rational Expectations
• Diverse beliefs and time variability of risk premia
• Endogenous uncertainty and the non-neutrality of money
• Endogenous uncertainty in a general equilibrium model with price contingent contracts
• Beauty contests under private information and diverse beliefs: How different?
• The role of expectations in economic fluctuations and the efficacy of monetary policy
• Real business-cycle theory. Wisdom or whimsy?

Cited In (11)

• Managing unanchored, heterogeneous expectations and liquidity traps
• Learning in two-dimensional beauty contest games: theory and experimental evidence
• Heterogeneous expectations in monetary DSGE models
• Behavioral Heterogeneity in U.S. Inflation Dynamics
• Monetary policy with a state-dependent inflation target in a behavioral two-country monetary union model
• Editorial: Introduction to the special issue on `Rethinking policies when heterogeneity matters'
• Managing monetary policy in a New Keynesian model with many beliefs types
• The behavioral economics of currency unions: economic integration and monetary policy
• Coexistence of equilibria in a New Keynesian model with heterogeneous beliefs
• A New Keynesian model with heterogeneous expectations
• Diverse beliefs

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