Abstract

Rationality is one of the main assumptions in economics, and is represented as the rational expectation in macroeconomics. As such, it is important to note that the effectiveness of economic policy depends on the degree of economic agents’ rationality. According to this point of view, it is only natural to ask how the central bank views economic agents to be either rational or bounded rational. In implementing economic policies, it is possible to assume that the central bank views economic agents to be bounded rational. This is due to the fact that most theoretical arguments state that policy under rationality is not as effective as one under bounded rationality. Based on this argument, this paper employs bounded rational New Keynesian Model proposed by Gabaix to know if rationality matters to the central bank. As a result, as long as the central bank does not follow the full gradualism, it is possible to conclude that the rationality matters to the central bank. However, it is not anymore if the central bank employs full gradualism in monetary policy rule.

摘要

理性是经济学的主要假设之一，在宏观经济学中表现为理性预期。因此，值得注意的是，经济政策的有效性取决于经济主体的理性程度。根据这种观点，很自然地要问中央银行如何看待经济主体是理性的还是有限理性的。在实施经济政策时，可以假设中央银行认为经济主体是有限理性的。这是因为大多数理论论证表明，理性下的政策不如有限理性下的政策有效。基于这一论点，本文采用 Gabaix 提出的有界理性新凯恩斯模型来了解理性对中央银行是否重要。因此，只要央行不遵循完全渐进主义，就有可能得出理性对央行很重要的结论。但是，如果中央银行在货币政策规则中采用完全渐进主义，就不再是这样了。