Estimating a Behavioral New Keynesian Model

Joaquim Andrade, Pedro Cordeiro and Guilherme Lambais

Papers from arXiv.org

Abstract: This paper analyzes identification issues of a behavorial New Keynesian model and estimates it using likelihood-based and limited-information methods with identification-robust confidence sets. The model presents some of the same difficulties that exist in simple benchmark DSGE models, but the analytical solution is able to indicate in what conditions the cognitive discounting parameter (attention to the future) can be identified and the robust estimation methods is able to confirm its importance for explaining the proposed behavioral model.

Date: 2019-12
New Economics Papers: this item is included in nep-dge, nep-ecm and nep-mac
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:1912.07601

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