Estimating a Behavioral New Keynesian Model

• Tác giả: Joaquim Andrade, Pedro Cordeiro, Guilherme Lambais
• Ngôn ngữ: eng
• Ký hiệu phân loại: 330.156 Keynesian economics
• Thông tin xuất bản: 2019
• Bộ sưu tập: Metadata
• ID: 163730

Tóm tắt

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.