Monetary policy under behavioral expectations: Theory and experiment
研究在行为预期模型下，央行同时关注产出缺口和通胀能否降低通胀波动，并通过学习预测实验验证了该理论预测。
Expectations play a crucial role in modern macroeconomic models. We consider a New Keynesian framework under a behavioral model of expectation formation and under rational expectations. Contrary to the rational model, the behavioral model predicts that inflation volatility can be lowered if the central bank reacts to the output gap in addition to inflation. We test the opposing theoretical predictions in a learning-to-forecast experiment. In line with the behavioral model, the results support the claim that output stabilization can lead to less volatile inflation.