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Rational expectations has been the dominant way to model expectations, but the literature has quickly moved to a more realistic assumption of boundedly rational learning where agents are assumed to use only a limited set of information to form their expectations. A standard assumption is that...
Persistent link: https://www.econbiz.de/10013128293
Rational expectations has been the dominant way to model expectations, but the literature has quickly moved to a more realistic assumption of boundedly rational learning where agents are assumed to use only a limited set of information to form their expectations. A standard assumption is that...
Persistent link: https://www.econbiz.de/10008935830
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This paper proposes a new framework for analyzing the sentiments of central bank narratives. Specifically, we fine-tune a pre-trained BERT model on a dataset of manually annotated sentences on monetary policy stance. We derive a deep learning domain-specific model – BERT central bank sentiment...
Persistent link: https://www.econbiz.de/10014355194
Recent models of monetary policy have analysed the desirability of different optimal and ad hoc interest-rate rules under the restrictive assumption that forecasts of the private sector and central bank are homogeneous. In this paper, we study from a learning perspective the implications of...
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