Eusepi, Stefano (contributor) - 2005
learning. In the words of governor Bernanke:2
A skeptic might argue that noise and other sources of pricing ine� ciency pervade … policy transmission mechanism
and thus monetary policy e�ectiveness. Again, from Bernanke
1See Levin, Natalucci and Piger … (2003).
2Bernanke (2004), p.3.
1
The fact that market expectations of future settings of the federal funds rate are at …