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Trend Growth and Learning About Monetary Policy Rules in a Two-Block World Economy

Schaling, Eric; Tesfaselassie, Mewael F. - Institut für Weltwirtschaft (IfW) - 2013

Available evidence supports the view that growth is faster in more open economies. In order to analyze the implications of openness and growth on determinacy and learnability of worldwide rational expectations equilibria we develop a two-country New Keynesian model with growth. We analyze these...

Persistent link: https://www.econbiz.de/10010886862

Exchange Rate Regimes, Determinacy, and Learnability in a Two-Block World Economy

Schaling, Eric; Hoeberichts, Marco - Society for Computational Economics - SCE - 2006

We study how determinacy and learnability of global rational expectations equilibrium may be accected by monetary policy in a simple, two country, New Keynesian framework. The two blocks may be viewed as the U.S. and Europe, or as regions within the euro zone. We study cases in which optimal...

Persistent link: https://www.econbiz.de/10005342950

Why Speed Doesn’t Kill: Learning to Believe in Disinflation

Schaling, Eric; Hoeberichts, Marco - In: De Economist 158 (2010) 1, pp. 23-42

Persistent link: https://www.econbiz.de/10008470291

Heterogenous Information About the Term Structure of Interest Rates, Least-Squares Learning and Optimal Interest Rate Rules

Eijffinger, Sylvester C W; Schaling, Eric; … - C.E.P.R. Discussion Papers - 2004

. Learning about the transmission process of monetary policy is introduced by having heterogeneous agents - i.e. the central bank …. Here following Evans and Honkapohja (2001), the learning scheme we investigate is that of least-squares learning (recursive … OLS) using the Kalman filter. We find that optimal monetary policy under learning is a policy that separates estimation …

Persistent link: https://www.econbiz.de/10005114493

Learning, inflation expectations and optimal monetary policy

Schaling, Eric - EconWPA - 2004

, results depend on the learning scheme that is employed. Here, the learning scheme we investigate is that of least …-squares learning (recursive OLS) using the Kalman filter. A novel feature of a learning- based policy – as against the central bank …

Persistent link: https://www.econbiz.de/10005561368

Why Speed Doesnâ€™t Kill: Learning to Believe in Disinflation

Schaling, Eric; Hoeberichts, Marco - Economic Research Southern Africa (ERSA) - 2010

Central bankers generally prefer to reduce inflation gradually. We show that a central bank may try to convince the private sector of its commitment to price stability by choosing to reduce inflation quickly. We call this "teaching by doing". We find that allowing for teaching by doing effects...

Persistent link: https://www.econbiz.de/10008562409

Learning About the Term Structure and Optimal Rules for Inflation Targeting

Eijffinger, Sylvester C W; Schaling, Eric; … - C.E.P.R. Discussion Papers - 2006

active learning possibilities has effects on the optimal interest rate rule followed by the central bank. For a wide range of …

Persistent link: https://www.econbiz.de/10005791711