Here.
I would like to focus on some implications of behavioral economics for the conduct of monetary policy. I will concentrate on implications of behavioral research for the Phillips curve, although the papers at this conference demonstrate that behavioral economics has implications for many other aspects of macroeconomic modeling, including the behavior of housing and other asset prices, and the specification of crucial components of aggregate demand, such as the consumption function.
From:
Janet Yellen
Federal Reserve
I would like to focus on some implications of behavioral economics for the conduct of monetary policy. I will concentrate on implications of behavioral research for the Phillips curve, although the papers at this conference demonstrate that behavioral economics has implications for many other aspects of macroeconomic modeling, including the behavior of housing and other asset prices, and the specification of crucial components of aggregate demand, such as the consumption function.
From:
Janet Yellen
Federal Reserve