Short-Term Planning, Monetary Policy, and Macroeconomic Persistence
估计了一个行为新凯恩斯模型，其中家庭和企业进行有限期规划，该模型优于理性预期版本和其他行为模型，能解释宏观经济持续性而无需额外假设。
We estimate a behavioral New Keynesian (NK) model in which households and firms plan over a finite horizon. The finite-horizon planning (FHP) model outperforms rational expectations versions of the NK model as well as other behavioral NK models. In the FHP model, households and firms are forward-looking in thinking about events over their planning horizon but are backward-looking regarding events beyond that point. This gives rise to substantial aggregate persistence without resorting to additional features such as habit persistence and price contracts indexed to lagged inflation.