Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/103177 
Autor:innen: 
Erscheinungsjahr: 
2011
Schriftenreihe/Nr.: 
DEP (Socioeconomics) Discussion Papers - Macroeconomics and Finance Series No. 3/2011
Verlag: 
Hamburg University, Department Economics and Politics, Hamburg
Zusammenfassung: 
The DSGE model with endogenous and time-varying sticky information in Dräger (2010) is extended by allowing agents’ recursive choice between forecasts under rational or sticky information to affect the model solution. Dynamic equilibrium paths generate highly persistent series for output, inflation and the nominal interest rate. Agents choose predictors in a near-rational manner and we find that the share of agents with rational expectations reacts to the overall variability of aggregate variables. The model can generate hump-shaped responses of inflation and output to a monetary policy shock if the degree of inattentiveness is sufficiently high. Finally, feedback from agents’ degree of inattentiveness to the model solution affects the determinacy region of the model. The Taylor principle is then only a necessary condition for determinacy, and monetary policy should target the output gap as well in order to ensure a unique and stable solution.
Schlagwörter: 
Endogenous sticky information
heterogeneous expectations
DSGE models
persistence
JEL: 
E31
E37
E52
Dokumentart: 
Working Paper

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