Behavioural New Keynesian Models
Download or Read eBook Behavioural New Keynesian Models PDF written by Robert Jump and published by . This book was released on 2018 with total page 27 pages. Available in PDF, EPUB and Kindle.
Author | : Robert Jump |
Publisher | : |
Total Pages | : 27 |
Release | : 2018 |
ISBN-10 | : OCLC:1304335802 |
ISBN-13 | : |
Rating | : 4/5 (02 Downloads) |
Book Synopsis Behavioural New Keynesian Models by : Robert Jump
Book excerpt: This paper provides a bird's eye view of the Behavioural New Keynesian literature. We discuss three key empirical regularities in macroeconomic data which are not accounted for by the standard New Keynesian model, namely, excess kurtosis, stochastic volatility, and departures from rational expectations. We then present a simple Behavioural New Keynesian model that accounts for these empirical regularities in a straightforward manner. We discuss elaborations and extensions of the basic model, and suggest areas for future research.