Resolving New Keynesian Anomalies with Wealth in the Utility Function
针对新凯恩斯模型在零利率下限时预测产出和通胀过低、财政与前瞻指引效果过大的异常，将财富作为社会地位标志纳入效用函数，修正欧拉方程，当财富边际效用足够大时，系统从鞍点变为源点，从而解决这些异常。
Abstract At the zero lower bound, the New Keynesian model predicts that output and inflation collapse to implausibly low levels and that government spending and forward guidance have implausibly large effects. To resolve these anomalies, we introduce wealth into the utility function; the justification is that wealth is a marker of social status, and people value status. Since people partly save to accrue social status, the Euler equation is modified. As a result, when the marginal utility of wealth is sufficiently large, the dynamical system representing the zero-lower-bound equilibrium transforms from a saddle to a source, which resolves all the anomalies.