The Rationality Bias
在一个包含理性与有限理性家庭的新凯恩斯模型中，分析了消费与财富的差异，发现有限理性家庭的“理性偏差”导致异质性，且央行对通胀的强硬反应会加剧这种波动。
Abstract We analyze differences in consumption and wealth in an estimated New Keynesian model with rational and boundedly rational households. Shocks are shown to cause consumption and wealth heterogeneity due to the “rationality bias” of boundedly rational households. This bias can be decomposed into three components, which, for certain specifications of monetary policy, can exactly offset each other. Moreover, a more hawkish response to inflation leads to more volatility in consumption and wealth heterogeneity, which makes it optimal for the central bank to set lower coefficients in the Taylor rule than would have been the case under homogeneous rational expectations.