Showing 1 - 10 of 14
We study a simple, microfounded macroeconomic system in which the monetary authority employs a Taylor-type policy rule. We analyze situations in which the self-confirming equilibrium is unique and learnable according to Bullard and Mitra (2002). We explore the prospects for the use of large...
Persistent link: https://www.econbiz.de/10010986393
distinguish between these two shocks and, under incomplete learning, private perceptions of the inflation target will not equal …
Persistent link: https://www.econbiz.de/10010986417
under private agent learning can in some cases be stable when the observed sunspot has a suitable time series structure. In …
Persistent link: https://www.econbiz.de/10010986495
the help of econometric models. Agents use least squares learning to estimate two competing models of which one is … consistent with rational expectations once learning is complete. When past performance governs the choice of forecast model …
Persistent link: https://www.econbiz.de/10010958541
policymakers, learning from the experience of the 1970s, eschewed activist policies in favor of policies that concentrated on the …
Persistent link: https://www.econbiz.de/10010958612
learning and control, variants of which have been studied in the past, but little with forward-looking variables which are a … key component of modern policy-relevant models. As in most Bayesian learning problems, the optimal policy typically … good approximation to the BOP. We provide a simple example to illustrate the role of learning and experimentation in an …
Persistent link: https://www.econbiz.de/10010958767
We study a simple, microfounded macroeconomic system in which the monetary authority employs a Taylor-type policy rule. We analyze situations in which the self-confirming equilibrium is unique and learnable according to Bullard and Mitra (2002). We explore the prospects for the use of ‘large...
Persistent link: https://www.econbiz.de/10005022420
policymakers, learning from the experience of the 1970s, eschewed activist policies in favor of policies that concentrated on the …
Persistent link: https://www.econbiz.de/10005022429
distinguish between these two shocks and, under incomplete learning, private perceptions of the inflation target will not equal …
Persistent link: https://www.econbiz.de/10005138846
the help of econometric models. Agents use least squares learning to estimate two competing models of which one is … consistent with rational expectations once learning is complete. When past performance governs the choice of forecast model …
Persistent link: https://www.econbiz.de/10005138849