Behavioral new Keynesian models : a literature review
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- dc.contributor.author Höcherl, Benedikt
- dc.date.accessioned 2021-01-21T11:32:09Z
- dc.date.available 2021-01-21T11:32:09Z
- dc.date.issued 2020
- dc.description Treball de Fi de Grau en Economia. Curs 2019-2020ca
- dc.description Tutora: Rosemarie Nagelca
- dc.description.abstract The present paper tries to fill the gap of a missing up-to-date literature review of the most vanguard Behavioral New Keynesian (BNK) macroeconomic models. BNK models differ from traditional New Keynesian (NK) models insofar, as they challenge the notion of fully rational expectations of economic agents and introduce some kind of bounded rationality in the model. The models reviewed include Adaptive Learning by De Grauwe (2012), Level K by Mauersberger et al. (2020) and Sparse Dynamics by Gabaix (2019). The paper especially highlights different implications for monetary policy by critically comparing the heterodox BNK models to a standard version of the mainstream NK model. In doing so, it detects so far unidentified links and gaps in the current literature.ca
- dc.format.mimetype application/pdf*
- dc.identifier.uri http://hdl.handle.net/10230/46241
- dc.language.iso engca
- dc.rights © Tots els drets reservatsca
- dc.rights.accessRights info:eu-repo/semantics/openAccessca
- dc.subject.other Treball de fi de grau – Curs 2019-2020ca
- dc.subject.other Economia keynesianaca
- dc.subject.other Behavioral macroeconomicsca
- dc.subject.other New keynesian modelsca
- dc.subject.other Level k reasoningca
- dc.subject.other Sparse dynamicsca
- dc.subject.other Adaptive learningca
- dc.subject.other Bounded rationalityca
- dc.title Behavioral new Keynesian models : a literature reviewca
- dc.type info:eu-repo/semantics/bachelorThesisca