Performance of monetary policy with internal central bank forecasting

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.

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Year of publication:	2002
Authors:	Honkapohja, Seppo ; Mitra, Kaushik
Publisher:	Helsinki : Bank of Finland
Subject:	adaptive learning \| stability \| heterogeneity \| monetary policy

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Series:	Bank of Finland Discussion Papers ; 3/2002
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
ISBN:	951-686-767-7
Other identifiers:	hdl:10419/211907 [Handle] RePEc:zbw:bofrdp:rdp2002_003 [RePEc]
Classification:	E52 - Monetary Policy (Targets, Instruments, and Effects) ; E31 - Price Level; Inflation; Deflation ; D84 - Expectations; Speculations
Source:	EconStor

Persistent link: https://www.econbiz.de/10012147838