Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/245803 
Autor:innen: 
Erscheinungsjahr: 
2021
Schriftenreihe/Nr.: 
ECON WPS - Working Papers in Economic Theory and Policy No. 08/2021
Verlag: 
TU Wien, Institute of Statistics and Mathematical Methods in Economics, Research Unit in Economics, Vienna
Zusammenfassung: 
This paper investigates monetary policy in a heterogeneous agent new Keynesian (HANK) model where agents face idiosyncratic income risk and use adaptive learning in order to form their expectations. Households experience different histories and observe different idiosyncratic variables. This gives rise to idiosyncratic learning processes, which naturally implies the existence of heterogeneous expectations. In HANK models, supply shocks generate precautionary saving. The learning setup amplifies this effect and can result in long-lasting disinflationary traps. Dovish Taylor rules focused on closing the output gap dampen the learning effects. Price level targeting improves the inflation and output stabilization trade-off by better anchoring expectations.
Schlagwörter: 
adaptive learning
precautionary saving
restricted perception equilibrium
heterogeneous expectations
heterogeneous agent
JEL: 
E25
E31
E52
E70
Dokumentart: 
Working Paper

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