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Erscheinungsjahr: 
2018
Schriftenreihe/Nr.: 
Economics Working Paper No. 2018-10
Verlag: 
Kiel University, Department of Economics, Kiel
Zusammenfassung: 
In this study, we analyze the macroeconomic dynamics under various shocks in two competing frameworks. Given the baseline New-Keynesian model, we compare the impulse response functions that stem from the hybrid version under rational expectations with the ones obtained in the forward-looking version under bounded rationality. For the latter, we assume heterogeneous agents who may adopt various forecast heuristics. We seek to understand which framework mimics real-world adjustments well and is therefore most suitable to describe economic adjustments over the business cycle.
Schlagwörter: 
Bounded Rationality
Consumer Expectations
Forecast Heuristics
Impulse Response Functions
New-Keynesian Model
JEL: 
C53
D83
E12
E21
E32
Dokumentart: 
Working Paper

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