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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Veröffentlicht in:	Journal of money, credit and banking credit and banking, 2024-02
Hauptverfasser:	HAGENHOFF, TIM, LUSTENHOUWER, JOEP, TSIONAS, MIKE
Format:	Artikel
Sprache:	eng
Online-Zugang:	Volltext
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