Fukac, Martin - Center for Economic Research and Graduate Education and … - 2005
knowledge, and adaptive learning. We consider two groups of agents (i) private agents (households, firms, private banks) and (ii …) the central bank who differ in their knowledge and expectations. The monetary-policy transmission is non-trivial in this … expectations, and the monetary policy may get distorted. The basic finding suggests the higher knowledge heterogeneity, the less …