科研之友
微信
新浪微博
Facebook
分享链接
摘要
In this article, we empirically examine a hybrid New-Keynesian model with heterogeneous bounded rational agents who may adopt an optimistic or pessimistic attitudeso called animal spiritstoward future movements of the output and inflation gap. The model is estimated via the simulated method of moments using Euro Area data from 1975Q1 to 2009Q4. In addition, we compare its empirical performance to the standard model with rational expectations. Our empirical results show that the model-generated auto- and cross-covariances of the output, inflation and nominal interest rate gap can provide a good approximation of the empirical second moments.
- 出版日期2016-2
