Business Cycle Dynamics under Rational Inattention
构建了一个理性疏忽的DSGE模型，发现注意力有限是调整缓慢的唯一来源，模型能匹配货币政策和技术的脉冲响应，且注意力损失的成本很小。
We develop a dynamic stochastic general equilibrium (DSGE) model with rational inattention and compare its predictions to data. Households and decision-makers in firms have limited attention and optimally allocate their attention. Rational inattention is the only source of slow adjustment. The model matches the empirical impulse responses to monetary policy shocks and aggregate technology shocks. At the same time, profit losses and utility losses from inattention are very small. Furthermore, it matters whether one uses this model or a conventional DSGE model for policy analysis.