We propose a mechanism that explains standard stylized facts in both international macroeconomics and international finance. To do so, we develop a New Keynesian DSGE model with financial frictions à la Bernanke et al. (1999), in which we depart from the full-information rational expectations (FIRE) assumption. The key ingredient is home information bias (HIB) in expectations. While the FIRE model predicts high consumption co-movements, no departure from uncovered interest parity (UIP) and procyclical trade balance, assuming HIB makes the model consistent with the data by producing low consumption correlation, solving the quantity puzzle, generating endogenous departures from the UIP and matching a countercyclical trade balance. The mechanism is empirically validated and shown to be robust to the extent of frictions in the economy.

我们提出了一种机制，可以解释国际宏观经济学和国际金融学中的标准程式化事实。为此，我们开发了一个新凯恩斯主义 DSGE 模型，其中包含伯南克等人的金融摩擦。（1999），其中我们偏离了全信息理性预期（FIRE）假设。关键因素是预期中的家庭信息偏差 (HIB)。虽然 FIRE 模型预测高消费联动，但不背离未偿付利息平价 (UIP) 和顺周期贸易平衡，假设 HIB 通过产生低消费相关性、解决数量难题、生成与数据的内生背离使模型与数据一致UIP 和匹配逆周期贸易平衡。该机制经过实证验证，并显示出在经济摩擦的程度上是稳健的。