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Near-rational exuberance
Bullard, James; Evans, George W.; Honkapohja, Seppo - 2005
We study how the use of judgement or “add-factors” in macroeconomic forecasting may disturb the set of equilibrium outcomes when agents learn using recursive methods. We isolate conditions under which new phenomena, which we call exuberance equilibria, can exist in standard macroeconomic...
Persistent link: https://www.econbiz.de/10011604601
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Expectations and the stability problem for optimal monetary policies
Honkapohja, Seppo; Evans, George W. - 2000
Eine auf den Fundamentaldaten beruhende Regelbindung der Geldpolitik ohne Selbstverpflichtung, die bei vollkommen … geeigneter Weise in die optimale Geldpolitik einbezogen werden. Diese eindeutige Schlußfolgerung gilt auch dann, wenn sich der … wichtig es ist, die Geldpolitik angemessen zu gestalten und dabei nicht nur die Fundamentaldaten, sondern auch direkt die …
Persistent link: https://www.econbiz.de/10010295698
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Performance of monetary policy with internal central bank forecasting
Honkapohja, Seppo; Mitra, Kaushik - 2002
Recent models of monetary policy have analyzed the desirability of different optimal and ad hoc interest rules under the restrictive assumption that forecasts of the private sector and the central bank are homogenous. In this paper, we study the implications of heterogeneity in forecasts of the...
Persistent link: https://www.econbiz.de/10011604173