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Adaptive Learning and Monetary Policy Design

Evans, George W.; Honkapohja, Seppo - Department of Economics, University of Oregon - 2002

We review the recent work on interest rate setting, which emphasizes the desireability of designing policy to ensure stability under private agent learning. Appropriately designed expectations based rules can yield optimal rational expectations equilibria that are both determinate and stable...

Persistent link: https://www.econbiz.de/10005593736

Monetary Policy, Expectations and Commitment

Evans, George W.; Honkapohja, Seppo - Department of Economics, University of Oregon - 2002

This is a revised and shortened version of Working Paper 2002-11. Commitment in monetary policy leads to equilibria … rules have been proposed to implement or approximate commitment policy. We assess these rules in terms of whether they lead …

Persistent link: https://www.econbiz.de/10005635107

Monetary Policy, Expectations and Commitment

Evans, George W.; Honkapohja, Seppo - Department of Economics, University of Oregon - 2002

Commitment in monetary policy leads to equilibria that are superior to those from optimal discretionary policies. A … number of interest rate reaction functions and instrument rules have been proposed to implement or approxmiate commitment …

Persistent link: https://www.econbiz.de/10005635110