The rationality bias
We analyze differences in consumption and wealth in an estimated New Keynesian model with rational and boundedly rational households. Shocks are shown to cause consumption and wealth heterogeneity due to the “rationality bias” of boundedly rational households. This bias can be decomposed into three...
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| Main Authors: | , , |
|---|---|
| Format: | Article (Journal) |
| Language: | English |
| Published: |
March-April 2025
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| In: |
Journal of money, credit and banking
Year: 2025, Volume: 57, Issue: 2/3, Pages: 1-33 |
| ISSN: | 1538-4616 |
| DOI: | 10.1111/jmcb.13122 |
| Online Access: | Verlag, kostenfrei, Volltext: https://doi.org/10.1111/jmcb.13122 Verlag, kostenfrei, Volltext: https://onlinelibrary.wiley.com/doi/abs/10.1111/jmcb.13122 
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| Author Notes: | Tim Hagenhoff, Joep Lustenhouwer, Mike Tsionas |
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