Spirits ; Bounded Rationality ; Discrete Choice Theory ; Euro Area ; New-Keynesian Model ; Simulated Method of Moments …

New-Keynesian core and imperfect information about productivity. The model generates term premia that are on average … perfect information, which tend to rely on large supply shocks to generate time-variation in yields and term premia. With … imperfect information, a shock to productivity is a supply shock, while a shock to productivity signals that do not lead to …

explain such patterns jointly in a general equilibrium New Keynesian framework. Asymmetric information arises naturally as (i …) households and firms receive imperfect, asymmetric information about supply and demand shocks, and (ii) the central bank learns … uncover the magnitudes of information frictions among economic agents. Asymmetric information has profound implications for …

). Critically, this distinction leads to different levels of consumer familiarity and knowledge of prices within each type of … price discounts for systems (than for components) in loosely coupled markets like computers. To the best of our knowledge …

New-Keynesian core and imperfect information about productivity. The model generates term premia that are on average … perfect information, which tend to rely on large supply shocks to generate timevariation in yields and term premia. With … imperfect information, a shock to productivity is a supply shock, while a shock to signals about productivity that do not lead …