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- W2912649765 abstract "New solutions to the basic standard New Keynesian model are explored. I extend De Grauwe’smodel (2012), distinguishing two types of agents and different expectations rules. The central bankfixes the rate of interest. Families and firms determine aggregated demand and supply. Neither ofthem follows the hypothesis of perfect rational expectations. However, Popper’s principle ofrationality is applied. From a situation of limited information, even though they learn throughrational processes, they are unable to understand their mutual behaviour. Therefore, theexpectations in the three equations do not coincide. As a result, the solution does not tend to asingle, stationary equilibrium. This conclusion does not depend on the hypothesis of the animalspirits. Finally, the possibility of a successful learning process is studied. It is considered whetherthe central bank could learn from the data, finally reaching a stationary optimum equilibrium. Theanswer is no. The New Keynesian model seems to be basically unstable when agents have limitedinformation. The problem lies in the impossibility to get adequate coordination." @default.
- W2912649765 created "2019-02-21" @default.
- W2912649765 creator A5078656580 @default.
- W2912649765 date "2018-07-01" @default.
- W2912649765 modified "2023-09-22" @default.
- W2912649765 title "Instability in the basic New Keynesian model under limited information." @default.
- W2912649765 hasPublicationYear "2018" @default.
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