The (Ir)Relevance of Rule‐of‐Thumb Consumers for U.S. Business Cycle Fluctuations
估计了包含和不包含拇指法则消费者的中规模模型，发现该类消费者占比很低，对解释美国经济周期波动几乎无影响。
Abstract We estimate a medium‐scale model with and without rule‐of‐thumb consumers over the pre‐Volcker and the Great Moderation periods, allowing for indeterminacy. Passive monetary policy and sunspot fluctuations characterize the pre‐Volcker period for both models. In both subsamples, the estimated fraction of rule‐of‐thumb consumers is low, such that the two models are empirically almost equivalent; they yield very similar impulse response functions, variance, and historical decompositions. We conclude that rule‐of‐thumb consumers are irrelevant to explain aggregate U.S. business cycle fluctuations.