Behavioural New Keynesian Models

Robert Calvert Jump and Paul Levine ()

No 219, School of Economics Discussion Papers from School of Economics, University of Surrey

Abstract: 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 ac- counted for by the standard New Keynesian model, namely, excess kurtosis, stochastic volatility, and departures from rational expectations. We then present a simple be- havioural 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.

JEL-codes: E30 E32 E70 E71 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2019-01
New Economics Papers: this item is included in nep-dge, nep-evo, nep-hpe and nep-mac
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Citations: View citations in EconPapers (26)

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Journal Article: Behavioural New Keynesian models (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:sur:surrec:0219

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