Monetary policy and heterogeneous expectations
在新凯恩斯模型中，用简约预测模型替代理性预期假设，研究异质性预期对货币政策的影响。发现即使泰勒规则满足，仍存在内在异质性均衡，对商业周期和货币政策设计有重要启示。
This paper studies the implications for monetary policy of heterogeneous expectations in a New Keynesian model. The assumption of rational expectations is replaced with parsimonious forecasting models where agents select between predictors that are underparameterized. In a Misspecification Equilibrium agents only select the best-performing statistical models. We demonstrate that, even when monetary policy rules satisfy the Taylor principle by adjusting nominal interest rates more than one for one with inflation, there may exist equilibria with Intrinsic Heterogeneity. Under certain conditions, there may exist multiple misspecification equilibria. We show that these findings have important implications for business cycle dynamics and for the design of monetary policy.