Adaptive Learning, Endogenous Inattention, and Changes in Monetary Policy

This paper develops an adaptive learning formulation of an extension to the Ball, Mankiw, and Reis (2005) sticky information model that incorporates endogenous inattention. We show that, following an exogenous increase in the policymaker's preferences for price vs. output stability, the learning process can converge to a new equilibrium in which both output and price volatility are lower

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Year of publication:	2007
Authors:	Branch, William ; Carlson, John B. ; Evans, George W. ; McGough, Bruce
Publisher:	[S.l.] : SSRN
Subject:	Geldpolitik \| Monetary policy \| Lernprozess \| Learning process \| Inflationserwartung \| Inflation expectations \| Theorie \| Theory \| Adaptive Erwartungen \| Adaptive expectations \| Rationale Erwartung \| Rational expectations

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Extent:	1 Online-Ressource (13 p)
Series:	FRB of Cleveland Working Paper ; No. 06-10
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments August 2006 erstellt
Other identifiers:	10.2139/ssrn.1022328 [DOI]
Classification:	E52 - Monetary Policy (Targets, Instruments, and Effects) ; E31 - Price Level; Inflation; Deflation ; D83 - Search, Learning, Information and Knowledge ; D84 - Expectations; Speculations
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10014223413