Performance of monetary policy with internal central bank forecasting
Honkapohja, Seppo; Mitra, Kaushik (19.02.2002)
Numero
3/2002Julkaisija
Suomen Pankki
2002
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:bof-20140807525Tiivistelmä
Recent models of monetary policy have analysed the desirability of different optimal and ad hoc interest-rate rules under the restrictive assumption that forecasts of the private sector and central bank are homogeneous.In this paper, we study from a learning perspective the implications of heterogeneity across forecasts by the central bank and private agents for the performance of interest-rate rules.Key words: adaptive learning, stability, heterogeneity, monetary policy JEL classification numbers: E52, E31, D84
Julkaisuhuomautus
Ilmestynyt myös Journal of Economic Dynamics & Control 2005 ; 29 ; 4 ; April.