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We use a version of the Fuhrer-Moore model to study the effects of expectations and central bank credibility on the … credibility (full versus partial). In general, the various specifications exhibit qualitatively similar behavior and can …, the specification with adaptive expectations and partial credibility is the only one to capture the temporary rise in the …
Persistent link: https://www.econbiz.de/10014068572
expectations in the price and wage setting process and on the credibility of monetary policy in the expectation formation process …
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investigates the driving factors of disagreement, paying special attention to the influence of monetary authorities' credibility …' credibility; this relationship is positive in the case of the growth rate of industrial production. …
Persistent link: https://www.econbiz.de/10011865624
expectations in the price and wage setting process and on the credibility of monetary policy in the expectation formation process …
Persistent link: https://www.econbiz.de/10011622622
Persistent link: https://www.econbiz.de/10014245894
This article investigates the role of beliefs over monetary policy in propagating the effects of monetary policy shocks within the context of a dynamic, stochastic general equilibrium model. In our model, monetary policy periodically switches between low and high money growth regimes. When...
Persistent link: https://www.econbiz.de/10014089579
The authors investigate an international monetary business-cycle model in which agents face monetary policy processes that incorporate regime shifts. In any given period agents cannot directly observe the policy regime, but instead form beliefs that are updated via Bayesian learning. As a...
Persistent link: https://www.econbiz.de/10014189321
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