Are Non-Fundamental Equilibria Learnable in Models of Monetary Policy?.

Recent models of monetary policy and monetary rules can have indeterminacy of equilibria. The indeterminacy property is often viewed as a difficulty of these models. We consider its significance using the learning approach to expectations formation by employing expectational stability as a robustness criterion for different equilibria.

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Year of publication:	2001
Authors:	Honkapohja, S. ; Mitra, K.
Institutions:	Politiikan ja Talouden Tutkimuksen Laitos, Valtiotieteellinen tiedekunta
Subject:	MONETARY POLICY \| MODELS \| EXPECTATIONS

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Series:	University of Helsinki, Department of Economics.
Type of publication:	Book / Working Paper
Notes:	41 pages
Classification:	E52 - Monetary Policy (Targets, Instruments, and Effects) ; E31 - Price Level; Inflation; Deflation ; D84 - Expectations; Speculations
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005625269