Monetary Policy, Bounded Rationality, and Incomplete Markets
收藏NBER2017-03-01 更新2025-01-04 收录
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https://www.nber.org/papers/w23281
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资源简介：
This paper extends the benchmark New-Keynesian model by introducing two frictions: (1) agent heterogeneity with incomplete markets, uninsurable idiosyncratic risk, and occasionally binding borrowing constraints; and (2) bounded rationality in the form of level-k thinking. Compared to the benchmark
提供机构：
美国国家经济研究局
创建时间：
2017-03-01
