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Expectations, learning and monetary policy: an overview of recent research
Evans, George W; Honkapohja, Seppo - Suomen Pankki - 2007
the key results for interest-rate rules that deliver both uniqueness and stability of equilibrium under econometric …
Persistent link: https://www.econbiz.de/10005419689
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Expectations, Learning and Monetary Policy: An Overview of Recent Research
Evans, George; Honkapohja, Seppo - Scottish Institute for Research in Economics (SIRE) - 2008
the key results about interest-rate rules that deliver both uniqueness and stability of equilibrium under econometric …
Persistent link: https://www.econbiz.de/10010552353
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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
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Performance of Monetary Policy with Internal Central Bank Forecasting
Mitra, Kaushik; Honkapohja, Seppo - Department of Economics, Royal Holloway University of London - 2004
Recent models of monetary policy have analyzed the desirability of di?erent optimal and ad hoc interest rules under the restrictive assumption that forecasts of the private sector and the central bank are homogenous. This paper studies the implications of heterogeneity in forecasting by the...
Persistent link: https://www.econbiz.de/10005784823
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Adaptive Learning and Monetary Policy Design
Evans, George W.; Honkapohja, Seppo - C.E.P.R. Discussion Papers - 2003
stability under learning. Appropriately designed expectations-based rules can yield optimal rational expectations equilibria …
Persistent link: https://www.econbiz.de/10005791392
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Adaptive learning and monetary policy design
Evans, George W.; Honkapohja, Seppo - EconWPA - 2004
stability under private agent learning. Appropriately designed expectations based rules can yield optimal rational expectations …
Persistent link: https://www.econbiz.de/10005561354
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Robust Learning Stability with Operational Monetary Policy Rules
Evans, George W.; Honkapohja, Seppo - C.E.P.R. Discussion Papers - 2008
We consider "robust stability" of a rational expectations equilibrium, which we define as stability under discounted … exhibit robust stability. We consider a variety of interest-rate rules, including instrument rules, optimal reaction functions … Honkapohja (2003, 2006) deliver robust learning stability. In contrast, many proposed alternatives become unstable under learning …
Persistent link: https://www.econbiz.de/10005498187
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Adaptive Learning and Monetary Policy Design
Evans, George W.; Honkapohja, Seppo - Department of Economics, University of Oregon - 2002
stability under private agent learning. Appropriately designed expectations based rules can yield optimal rational expectations …
Persistent link: https://www.econbiz.de/10005593736
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Convergence for difference equations with vanishing time-dependence, with applications to adaptive learning
Evans, George W.; Honkapohja, Seppo - In: Economic Theory 15 (2000) 3, pp. 717-725
We provide conditions for local stability and instability of an equilibrium point in certain systems of nonautonomous …
Persistent link: https://www.econbiz.de/10005371114
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Are Non-Fundamental Equilibria Learnable in Models of Monetary Policy?
Mitra, Kaushik; Honkapohja, Seppo - Department of Economics, Royal Holloway University of London - 2004
expectational stability as a selection criterion for different equilibria and derive the expectational stability and instability …
Persistent link: https://www.econbiz.de/10005051668