R. Guesnerie and C. Azariadis, Propheties creatrices et persistance des theories, Revue Economique, vol.33, pp.787-806, 1982.

R. Guesnerie and M. Woodford, Stability of Cycles with Adaptive Learning Rules, Equilibrium Theory and Applications, 1991.

C. Cornet, J. Aspremont, A. Gabszewicz, and . Mas-colell,

C. Hommes, Behavioral Rationality and Heterogeneous Expectations in Complex Economic Systems, 2013.

C. Hommes and G. Sorger, Consistent Expectations Equilibria, Macroeconomic Dynamics, vol.2, pp.287-321, 1998.

A. Marcet and J. P. Nicolini, Recurrent Hyperinflation and Learning, American Economic Review, vol.93, issue.5, pp.1476-1498, 2003.

A. Marcet and T. Sargent, Convergence of least squares learning mechanisms in self referential linear stochastic models, Journal of economic Theory, vol.48, pp.337-368, 1989.

B. Mcgough, Statistical learning with time varying parameters, Macroeconomic Dynamics, vol.7, pp.119-139, 2003.

J. Muth, Rational expectations and the theory of price movements, Econometrica, vol.29, pp.315-335, 1961.

R. Nelson and S. G. Winter, An Evolutionary Theory of Economic Change, 1982.

G. Saint-paul, How Darwinian should an economy be, 2014.
URL : https://hal.archives-ouvertes.fr/hal-01095450

M. Woodford, Learning to believe in sunspots, Econometrica, vol.58, pp.277-307, 1990.

. A. Abel and . M. Warshawsky, Specification of the Joy of Giving: Insights from Altruism, vol.70, pp.145-149, 1988.

. O. Attanasio and . S. Davis, Relative Wage Movements and the Distribution of Consumption, Journal of Political Economy, vol.104, pp.1227-1262, 1996.

. A. Auclert, Monetary policy and the redistribution channel, The Review of Economics and Statistics, 2017.

. S. Barakchian and . C. Crowe, Monetary policy matters : Evidence from new shocks data, Journal of Monetary Economics, vol.60, pp.950-966, 2013.

G. B. Bernanke, Inside the black box: The credit channel of Monetary Policty Transmission, p.5146, 1995.

M. B. Bernanke, Measuring Monetary Policy, The Quarterly Journal of Economics, vol.113, pp.869-902, 1998.

. F. Bilbiie, Nonseparable Preferences, Frisch Labor Supply, and the Consumption Multiplier of Government Spending: One Solution to a Fiscal Policy Puzzle, Journal of Money, Credit and Banking, vol.43, pp.221-251, 2011.
URL : https://hal.archives-ouvertes.fr/hal-00622872

. F. Bilbiie, Nonseparable Preferences, Fiscal Policy Puzzles, and Inferior Goods, Journal of Money, Credit and Banking, vol.41, pp.443-450, 2009.
URL : https://hal.archives-ouvertes.fr/hal-00622869

. F. Bilbiie, The New Keynesian Cross: Understanding Monetary Policy with Hand-to-Mouth Households, 2017.

. E. Fahri and . I. Werning, Monetary Policy, Bounded Rationality and Incomplete Markets, 2017.

. R. Frisch, A Complete Scheme for Computing All Direct and Cross Demand Elasticities in a Model with Many Sectors, Econometrica, pp.177-196, 1959.

. X. Gabaix, A Sparsity-Based Model of Bounded Rationality, Quarterly Journal of Economics, pp.1661-1710, 2014.

. X. Gabaix, A Behavioral New Keynesian Model, 2017.

. J. Gali, Monetary Policy, Inflation, and the Business Cycle-An Introduction to the New Keynesian Framework, 2008.

. J. Gali, Unemployment Fluctuations and Stabilization Policies, 2011.

. J. Gali, Hysteresis and the European Unemployment Revisited, 2015.

. J. Gali, . F. Smets, and . R. Wouters, Unemployment in an Estimated New Keynesian Model, 2011.

. M. Gertler and . P. Karadi, Monetary Policy Surprises, Credit Costs, and Economic Activity, American Economic Journal: Macroeconomics, vol.7, issue.1, pp.44-76, 2015.

P. P. Gourinchas, Consumption over the Life Cycle, Econometrica, vol.70, issue.1, pp.47-89, 2002.

. M. Greenwood, . S. Hercowitz, and . G. Huffman, Investment, capacity utilization, and the real business cycle, American Economic Review, vol.78, pp.402-417, 1994.

. R. Hall, Intertempral Substituability in Consumption, Journal of Political Economy, vol.96, pp.339-357, 1988.

. G. Kaplan, . B. Moll, and . Violante, Monetary Policy According to HANK, American Economic Review, vol.108, issue.3, pp.697-743, 2018.

. M. Kimball and . M. Shapiro, Labor Supply: Are the Income and Substitution Effects Both Large or Both Small?, 2008.

. A. Krishnamurthy and . A. Vissing-jorgensen, The Aggregate Demand for Treasury Debt, Journal of Political Economy, vol.120, issue.2, pp.233-267, 2012.

. M. Kumhof, . R. Ranciere, and . P. Winant, Inequality, leverage and crisis, American Economic Review, vol.105, issue.3, pp.1217-1245, 2015.

. A. Lusardi, Household Saving Behavior: The Role Of Financial Literacy, Information, And Financial Education Programs, p.13824, 2008.

. P. Michaillat and . E. Saez, An Economical Business-Cycle Model, 2014.

. P. Michaillat and . E. Saez, Wealth in the Utility function and the New Keynesian model, 2018.

. J. Michau, Secular Stagnation: Theory and Remedies, 2017.
URL : https://hal.archives-ouvertes.fr/hal-01211667

. A. Mckay and S. E. Nakamura, The Power of Forward Guidance Revisited, American Economic Review, vol.106, issue.10, pp.3133-3158, 2016.

. A. Mckay and S. E. Nakamura, The Discounted Euler Equation: A note, 2016.

. M. Normandin, The Effects of Monetary-Policy Shocks on Real Wages: A Multi-Country Investigation, 2006.

. G. Peersman and . F. Smets, The monetary transmission mechanism in the euro area : more evidence from VAR analysis, 2001.

R. C. Romer, Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz, NBER macroeconomics annual, pp.121-70, 1989.

R. C. Romer, A New Measure of Monetary Shocks: Derivation and Implications, American Economic Review, vol.94, issue.4, pp.1055-1084, 2004.

. E. Saez and . S. Stantcheva, Simpler Theory of Optimal Capital Taxation, 2016.

. C. Sims and . T. Zha, Does Monetary Policy Generate Recessions?, FRB Atlanta Working Papers, 1998.

. F. Smets and . R. Wouters, Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach, American Economic Review, vol.97, issue.3, pp.586-606, 2007.

. H. Uhlig, What are the effects of monetary policy on output? Results from an agnostic identification procedure, Journal of Monetary Economics, vol.52, pp.381-419, 2005.

. M. Woodford, Interest and Prices: Foundations of a Theory of Monetary Policy, 2005.

. M. Woodford, Simple Analytics of the Government Expenditure Multiplier, 2010.

. M. Yaari, On the consumer's lifetime allocation process, International Economic Review, pp.304-317, 1964.

. M. Yogo, Estimating the Elasticity of Intertemporal Substitution when instruments are weak, The Review of Economics and Statistics, pp.797-810, 2004.

. R. Albuquerque and . H. Hopenhayn, Optimal Lending Contracts and Firm Dynamics, Review of economic studies, vol.71, pp.285-315, 2004.

. C. Azariadis and . B. Smith, Financial Intermediation and Regime Switching in Business Cycles, American Economic Review, vol.88, pp.516-536, 1998.

G. B. Bernanke, Agency Costs, Net Worth, and Business Fluctuations, American Economic Review, vol.79, issue.1, pp.14-31, 1989.

G. B. Bernanke, Inside the black box: The Credit Channel of Monetary Policty Transmission, p.5146, 1995.

. B. Bernanke, . M. Gertler, and S. Gilchrist, The Financial Accelerator in a Quantitative Business Cycle Framework, Handbook of Macroeconomics, pp.1341-1393, 1999.

. O. Blanchard, Comments and Discussion on Investment, Output and The cost of Capital, Brookings Paper on Economic Activity, 1986.

. C. Carlstrom and . T. Fuerst, Agency Costs, Net Worth, and Business Fluctuations: A Computable General Equilibrium Analysis, American Economic Review, vol.87, pp.893-910, 1997.

. G. Clementi and . H. Hopenhayn, A theory of Financing Constraints and Firm Dynamics, Quarterly Journal of Economics, vol.121, issue.1, pp.229-265, 2006.

. T. Cooley, . R. Marimon, and . V. Quadrini, Aggregate Consequence of Limited Contract Enforceability, 2003.

. R. Chirinko, Business Fixed Investment Spending: Modelling Strategies, Empirical Results, and Policy Implications, Journal of Economic Literature, vol.31, issue.4, pp.1875-1911, 1993.

C. L. Motto and . M. Rostagno, Risk Shocks, American Economic Review, vol.104, pp.27-65, 2014.

. J. Cummins and H. K. Hasset, A Reconsideration of Investment Behavior using Tax Reforms as Natural Expermiments, Brookings Paper on Economic Activity, 1994.

L. S. Dressler, Inside Money, Credit, and Investment, Journal of Economic Dynamics and Control, vol.33, pp.970-984, 2009.

. S. Fazzari, . G. Hubbard, and . B. Petersen, Financing Constraints and Corporate Investment, Brookings Papers on Economic Activity, pp.141-195, 1988.

. M. Gertler and . S. Gilchrist, Monetary Policy, Business Cycles, and the Behavior of Small Manufacturing Firms, The Quarterly Journal of Economics, vol.109, pp.309-340, 1994.

. S. Gilchrist and . E. Zakrajsek, Credit Spread and Business Cycles Fluctuations, American Economic Review, vol.102, pp.1692-1720, 2012.

M. O. Hart, A Theory of Debt Based on the Inalienability of Human Capital, The Quarterly Journal of Economics, vol.109, pp.841-879, 1994.

. B. Holmstrom and . J. Tirole, Inside and Outside Liquidity, 2011.

. M. Iacoviello, House Prices, Borrowing Constraints, and Monetary Policy in the Business Cycle, American Economic Review, vol.95, pp.739-764, 2005.

. S. Kaplan and . L. Zingales, Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?, The Quarterly Journal of Economics, vol.112, pp.169-215, 1997.

T. A. Khan, Credit Shocks and Aggregate Fluctuations in an Economy with Production Heterogeneity, Journal of Political Economy, vol.121, pp.1055-1107, 2013.

M. N. Kiyotaki, Credit Cycles, Journal of Political Economy, vol.105, pp.211-248, 1997.

M. N. Kiyotaki, Liquidity, Business Cycles and Monetary Policy, 2008.

. N. Kocherlakota, Creating Business Cycles Through Credit Constraints, Federal Reserve Bank of Minneapolis Quarterly Review, vol.24, pp.2-10, 2000.

. S. Kothari and W. J. Lewellen, The Behavior of Aggregate Corporate Investment, 2015.

. P. Kurlat, Lemons Market and the Transmission of Aggregate Shocks, American Economic Review, vol.103, issue.4, pp.1463-1489, 2013.

. P. Kurlat, Asset Markets with Heterogenous Information, Econometrica, vol.84, pp.33-85, 2016.

. S. Myers and . N. Maljuf, Corporate Financing and Investment Decisions when Firms have Information Investors do not have, Journal of Financial Economics, vol.13, pp.187-208, 1984.

. G. Saint-paul, Fiscal Policy and Economic Growth: The Role of Financial Intermediation, Review of International Economics, vol.13, pp.612-629, 2005.
URL : https://hal.archives-ouvertes.fr/hal-00079000

. A. Shapiro, Investment, Output and The Cost of Capital, Brookings Paper on Economic Activity, 1986.

. S. Sharpe and . G. Suarez, The Insensitivity of Investment to Interest Rates: Evidence from a Survey of CFOs, Finance and Economics Discussion Series Divisions of Research and Statistics and Monetary Affairs Federal Reserve Board, 2014.

. J. Stiglitz and . A. Weiss, Credit Rationning in Market with Imperfect Information, American Economic Review, vol.71, pp.393-410, 1981.

. J. Tirole, Theory of Corporate Finance, 2005.
URL : https://hal.archives-ouvertes.fr/hal-00173191

. R. Townsend, Optimal contracts and competitive markets with costly state verification, Journal of Economic Theory, vol.21, p.45, 1979.

.. .. , 50 1.11 Sensitivity to ? and ?: average mass of consistent learners after multiple simulations

, Sensitivity of the response to ? and ? with structural breaks, p.54

. , Real wages following a rise in real rate

. , Unemployment following a rise in real rate

. , Responses to monetary policy shocks

. , Responses for several calibration

. .. , Labor supply and demand after a monetary policy shock, vol.87

. , Response of Real wages to demand shocks

, Response of output gap and output to demand shocks, p.90

?. .. , Posterior and prior distribution for ?, p.92

. .. Predicted, 94 2.10 Impulse responses to Monetary Policy shocks

, Responses of labor supply and demand to Monetary Policy Shocks, p.97

. , Response of output gap to demand shocks

.. .. State-tree,

, Response to a permanent change in borrowing cost, p.149

, Response to a temporary change in borrowing cost, p.150

, Response to a permanent change in opportunity cost, p.150

. .. Cost, 150 List of Tables 1.1 Calibration Table for figure 1

. .. , 7 Posterior mean of key parameters for different variants