Behavioral New Keynesian Models: An empirical assessment

Greta Meggiorini

Journal of Macroeconomics, 2023, vol. 77, issue C

Abstract: This paper uncovers the fact that cognitive discounting modeled à la Gabaix (2020) is highly generalizable to alternative models and expectational assumptions by offering a mathematically tractable way of introducing behavioral elements in linearized models. This is not the case for other models of bounded rationality, as most derivations, if not all among those proposed up to today, are algebraically too cumbersome to be of general applicability.

Keywords: Behavioral new Keynesian model; Bounded rationality; Cognitive discounting; Inattention; Behavioral medium-scale DSGE models; Bayesian estimation (search for similar items in EconPapers)
JEL-codes: C11 E52 E70 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jmacro:v:77:y:2023:i:c:s0164070423000381

DOI: 10.1016/j.jmacro.2023.103538

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