Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/319347 
Erscheinungsjahr: 
2024
Quellenangabe: 
[Journal:] Journal of Money, Credit and Banking [ISSN:] 1538-4616 [Volume:] 57 [Issue:] 2-3 [Publisher:] Wiley [Place:] Hoboken, NJ [Year:] 2024 [Pages:] 515-547
Verlag: 
Wiley, Hoboken, NJ
Zusammenfassung: 
We analyze differences in consumption and wealth in an estimated New Keynesian model with rational and boundedly rational households. Shocks are shown to cause consumption and wealth heterogeneity due to the “rationality bias” of boundedly rational households. This bias can be decomposed into three components, which, for certain specifications of monetary policy, can exactly offset each other. Moreover, a more hawkish response to inflation leads to more volatility in consumption and wealth heterogeneity, which makes it optimal for the central bank to set lower coefficients in the Taylor rule than would have been the case under homogeneous rational expectations.
Schlagwörter: 
heterogeneous expectations
monetary policy
bounded rationality
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