登入選單
返回Google圖書搜尋
其他書名
Theory with Measured Expectations
出版ECONtribute, 2023
URLhttp://books.google.com.hk/books?id=Y6GnzwEACAAJ&hl=&source=gbs_api
註釋We study the effects of monetary policy on aggregate consumption combining a heterogeneous agent model with measured expectations under different policy counterfactuals. We express the consumption of non-hand-to-mouth households as a function of expectations only and elicit all expectations appearing in the consumption functions for alternative policy scenarios with tailored surveys. Feeding these individual-level expectations into the model illustrates that a modest forward guidance statement in March 2021 would have reduced aggregate consumption by 0.14 percent on impact and an interest rate hike of 40 basis points in March 2022 would have reduced aggregate consumption by 0.30 percent on impact.