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U diplomskom radu opisali smo kako ograničena racionalnost utječe na monetarnu i fiskalnu politiku. U prvom odjeljku, počinjemo sa tradicionalnim Novokeynesijanskim modelom koji je bio podloga za razvijanje modela kojeg smo željeli analizirati. Uviđajući nedostatke i moguća proširenja tradicionalnog modela, u drugom odjeljku počinjemo sa analizom Bihevioralnog novokeynesijanskog modela, kao lako izvodljivog obogaćenja koji donosi jedan ključni novi parametar. Parametar kratkovidnosti utječe na monetarnu i fiskalnu politiku u mikro utemeljenoj općoj ravnoteži. Kada smo detaljno opisali bihevioralni model, u trećem poglavlju se upoznajemo s problemom zamke likvidnosti. Koncentriramo se na ponašanje ekonomije i ekonomskih sudionika u oba modela u vremenima jako niskih kamatnih stopa. Središnji dio analize postaje dobiti odgovor na pitanje koje promjene donosi bihevioralni agent i zašto zamka likvidnosti u tom slučaju postaje manji problem. Priča o zamci likvidnosti ne bi bila potpuna da se nismo dotaknuli i situacije koju imamo danas , pa rad zaključujemo promatrajući stvarne vrijednosti kamatnih stopa, proizvodnog jaza i inflacije i analiziramo koliko ih dobro bihevioralni model opisuje. In this thesis we described how bounded rationality affects monetary and fiscal policy. In the first chapter, we started with tradicional New Keynesian model which was the basis for developing the model we wanted to analyze. Recognizing the shortcomings and possible improvements of the traditional model, in the second chapter we begin with an analysis of the Bihevioral New Keynesian model, which is a tractable and parsimonius enrichment with one main new parameter. That myopia parameter affected the power of monetary and fiscal policy in a microfounded general equilibrium. When we have described the behavioral model in detail, we move on to the problem of the liquidity trap in the third chapter. We concentrate on the behavior and consequences on the economy at a time of very low interest rates. A central part of the analysis becomes answering the question of what kind of change in such an economy a behavioral agent brings and why the liquidity trap becomes less expensive for economy. The whole story about the liquidity trap would not be complete if we did not touch on the situation we have today, so we conclude the work by observing the actual values of interest rates, output gap and inflation and we analyze how well the behavioral model describes them. |
