A Behavioral New Keynesian Model
通过引入“认知贴现”参数刻画有限理性，分析其对货币与财政政策的影响，发现模型能解释前瞻指导谜题、改变泰勒原则、降低零下限成本等，对政策制定者和宏观经济学家有参考价值。
This paper analyzes how bounded rationality affects monetary and fiscal policy via an empirically relevant enrichment of the New Keynesian model. It models agents’ partial myopia toward distant atypical events using a new microfounded “cognitive discounting” parameter. Compared to the rational model, (i) there is no forward guidance puzzle; (ii) the Taylor principle changes: with passive monetary policy but enough myopia equilibria are determinate and economies stable; (iii) the zero lower bound is much less costly; (iv) price-level targeting is not optimal; (v) fiscal stimulus is effective; (vi) the model is “ neo-Fisherian” in the long run, Keynesian in the short run.