Rule-of-thumb consumers in the New Keynesian framework
| Autor: | Mgr. Tomáš Adam |
|---|---|
| Rok: | 2011 - letní |
| Vedoucí: | PhDr. Jaromír Baxa Ph.D. |
| Konzultant: | |
| Typ práce: | Diplomová Ekonomická teorie |
| Jazyk: | Anglicky |
| Stránky: | 96 |
| Ocenění: | Pochvala děkana Fakulty sociálních věd za vynikající výkon u státních zkoušek a za vynikající diplomovou práci. |
| Odkaz: | |
| Abstrakt: | This thesis investigates the effects of government spending on aggregate economic variables in the Czech Republic. The standard RBC and New Keynesian models assume only forward-looking households despite the evidence of a significant fraction of non-optimizing households. These models do not provide reasonable predictions for the response of consumption: both models predict its fall following a government spending shock. Therefore, a variant of the New Keynesian model, where rule-of-thumb households coexist with optimizing households, is used for the analysis. We have found that fiscal policy has a positive impact on output, although government spending multiplier does not exceed one. Also, the impact on consumption is positive for several periods following a fiscal spending shock, which is consistent with the evidence. |
| Ke stažení: | Diplomová práce Adama |
