Bounded rationality and heterogeneous expectations: Euler versus anticipated-utility approach

摘要: By using Bayesian techniques, our paper investigates behavioral New-Keynesian DSGE models derived under two parsimonious alternatives to introduce heterogeneous expectations: the Euler equation and anticipated-utility approach. First, we explore relation between expectation formation processes model determinacy for a broad range of parameterizations by global sensitivity analysis Monte Carlo filtering. Second, perform comparison assess how much are consistent with macro survey data. Our main results twofold: (1) is strongly undermined presence boundedly rational agents; (2) based on approach fits data decisively better than one anticipated utility.