Estimating a Behavioral New Keynesian Model with the Zero Lower Bound
估计了一个包含有限理性和名义利率零下限的新凯恩斯模型，发现有限理性模型比理性预期模型更拟合美国数据，且家庭和企业均表现出显著有限理性，同时有限理性扩大了模型可估计的参数区域并削弱了前瞻指引的效果。
Abstract We estimate a New Keynesian model incorporating two notable features: bounded rationality and the zero lower bound on the nominal interest rate. Our Bayesian estimation of a nonlinear model shows that the model with bounded rationality better fits the U.S. data than its rational expectations counterpart, and that both households and firms exhibit a substantial degree of bounded rationality. Moreover, we demonstrate that bounded rationality expands a parameter region in which the model can be estimated and weakens the power of forward guidance.