Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/50350 
Kompletter Metadatensatz
DublinCore-FeldWertSprache
dc.contributor.authorDräger, Lenaen
dc.date.accessioned2010-11-24-
dc.date.accessioned2011-10-06T15:40:09Z-
dc.date.available2011-10-06T15:40:09Z-
dc.date.issued2010-
dc.identifier.urihttp://hdl.handle.net/10419/50350-
dc.description.abstractBuilding on the models of sticky information, we endogenize the probability of obtaining new information by introducing a switching mechanism allowing agents to choose between costly rational expectations and costless expectations under sticky information. Thereby, the share of agents with rational expectations becomes endogenous and timevarying. While central results of sticky information models are retained, we find that the share of rational expectations is positively correlated with the variance of the variable forecasted, providing a link to models of near-rationality. Output expectations in our model are generally more rational than inflation expectations, but the share of rational inflation expectations increases with a rising variance of the interest rate. With regard to optimal monetary policy, we find that the Taylor principle provides a necessary and sufficient condition for the determinacy of the model. However, output and inflation stability are optimized if the central bank does not react too strongly to inflation, but rather also targets the output gap with a relatively large coefficient in the Taylor rule.en
dc.language.isoengen
dc.publisher|aETH Zurich, KOF Swiss Economic Institute |cZurichen
dc.relation.ispartofseries|aKOF Working Papers |x260en
dc.subject.jelE31en
dc.subject.jelE52en
dc.subject.jelE61en
dc.subject.ddc330en
dc.subject.keywordEndogenous sticky informationen
dc.subject.keywordheterogeneous expectationsen
dc.subject.keywordDSGE modelsen
dc.subject.stwInformationsverbreitungen
dc.subject.stwRationales Verhaltenen
dc.subject.stwDynamisches Gleichgewichten
dc.subject.stwAgent-based Modelen
dc.subject.stwTheorieen
dc.titleWhy don't people pay attention? Endogenous sticky information in a DSGE Model-
dc.typeWorking Paperen
dc.identifier.ppn640491162en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

Datei(en):
Datei
Größe
530.37 kB





Publikationen in EconStor sind urheberrechtlich geschützt.